New York State Common Retirement Fund has increased its investment in Xenon Pharmaceuticals Inc. by 16.9% during the second quarter of 2023. The fund now holds 166,472 shares of the biopharmaceutical company, following the acquisition of an additional 24,100 shares. This move brings the total value of the fund’s holdings in Xenon Pharmaceuticals to approximately $5,211,000, as indicated in its latest filing with the Securities and Exchange Commission.
Several institutional investors have adjusted their positions in Xenon Pharmaceuticals, reflecting a growing interest in the company. Elevation Point Wealth Partners LLC has initiated a new position worth $32,000. Similarly, Foresite Capital Management VI LLC and Foresite Capital Management IV LLC each acquired new stakes valued at $5,008,000. Ameritas Investment Partners Inc. also entered the fray with a new investment of about $243,000. Furthermore, Prudential Financial Inc. increased its stake by 22.4%, now owning 47,755 shares worth around $1,534,000. Collectively, hedge funds and institutional investors own 95.45% of the company’s stock.
Xenon Pharmaceuticals Stock Performance
As of the latest trading session, shares of Xenon Pharmaceuticals (NASDAQ:XENE) opened at $45.01. The company boasts a market capitalization of $3.48 billion and a price-to-earnings ratio of -11.57. The stock has demonstrated volatility, with a fifty-two week low of $26.74 and a high of $45.32. Analysts note the company’s fifty-day moving average price stands at $41.23, while the two-hundred-day moving average is $36.46.
In a notable insider transaction, CEO Ian Mortimer sold 25,000 shares on October 1, 2023, at an average price of $40.16, totaling approximately $1,004,000. Following this sale, Mortimer’s direct ownership of the company’s stock decreased by 44.40%, leaving him with 31,302 shares valued at around $1,257,088.32. Corporate insiders collectively own 4.07% of the company’s stock.
Analyst Ratings and Future Outlook
Recent research reports have generated varied ratings for Xenon Pharmaceuticals. Wells Fargo & Company has maintained an “overweight” rating but adjusted its price target from $48.00 to $44.00. Similarly, Cantor Fitzgerald reaffirmed its “overweight” rating with a price objective of $55.00. In contrast, Weiss Ratings issued a “sell (d-)” rating in a recent note. Overall, the consensus rating for XENE is classified as “Buy,” with a consensus target price of $54.27, according to MarketBeat.
Xenon Pharmaceuticals focuses on developing innovative therapeutics for neurological disorders, with its clinical pipeline featuring XEN1101, which is currently undergoing Phase 3 clinical trials aimed at treating epilepsy and other neurological conditions. The heightened activity from institutional investors and evolving analyst perspectives indicate a robust interest in the company’s potential as it navigates the complexities of the biopharmaceutical landscape.
