Franklin Resources Inc. Reduces Stock Position in Xenon Pharmaceuticals Inc. (NASDAQ:XENE)

Franklin Resources Inc. decreased its position in Xenon Pharmaceuticals Inc. (NASDAQ:XENE) by 2.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 565,915 shares of the biopharmaceutical company’s stock after selling 12,950 shares during the quarter. Franklin Resources Inc. owned about 0.74% of Xenon Pharmaceuticals worth $23,633,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in shares of Xenon Pharmaceuticals by 174.7% during the third quarter. Blue Trust Inc. now owns 1,008 shares of the biopharmaceutical company’s stock valued at $39,000 after buying an additional 641 shares during the period. nVerses Capital LLC purchased a new stake in shares of Xenon Pharmaceuticals in the third quarter valued at $102,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Xenon Pharmaceuticals by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,740 shares of the biopharmaceutical company’s stock valued at $106,000 after purchasing an additional 487 shares during the last quarter. Quarry LP increased its stake in Xenon Pharmaceuticals by 207.7% in the second quarter. Quarry LP now owns 4,000 shares of the biopharmaceutical company’s stock valued at $156,000 after purchasing an additional 2,700 shares during the last quarter. Finally, Vestcor Inc purchased a new position in Xenon Pharmaceuticals during the third quarter worth about $327,000. 95.45% of the stock is currently owned by hedge funds and other institutional investors.

Xenon Pharmaceuticals Stock Performance

Shares of NASDAQ:XENE opened at $38.90 on Friday. The business’s 50-day simple moving average is $41.90 and its 200 day simple moving average is $40.46. The company has a market cap of $2.97 billion, a P/E ratio of -13.79 and a beta of 1.19. Xenon Pharmaceuticals Inc. has a one year low of $35.53 and a one year high of $50.99.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.81) EPS for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.01. During the same quarter last year, the firm earned ($0.73) EPS. Analysts predict that Xenon Pharmaceuticals Inc. will post -3.1 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. HC Wainwright reiterated a “buy” rating and set a $53.00 price objective on shares of Xenon Pharmaceuticals in a report on Thursday, December 12th. William Blair raised shares of Xenon Pharmaceuticals to a “strong-buy” rating in a research note on Friday, August 30th. Raymond James restated an “outperform” rating and set a $50.00 price objective on shares of Xenon Pharmaceuticals in a report on Thursday, October 10th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Xenon Pharmaceuticals in a report on Wednesday, November 13th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $55.00 price target on shares of Xenon Pharmaceuticals in a research report on Tuesday, September 3rd. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $56.00.

Insiders Place Their Bets

In related news, CFO Sherry Aulin sold 18,709 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $41.21, for a total value of $770,997.89. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Gary Patou sold 4,891 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $41.08, for a total value of $200,922.28. Following the completion of the transaction, the director now directly owns 23,573 shares of the company’s stock, valued at $968,378.84. This represents a 17.18 % decrease in their position. The disclosure for this sale can be found here. 5.52% of the stock is currently owned by company insiders.

Xenon Pharmaceuticals Company Profile

Xenon Pharmaceuticals Inc, a neuroscience-focused biopharmaceutical company, engages in the development of therapeutics to treat patients with neurological disorders in Canada. Its clinical development pipeline includes XEN1101, a novel and potent Kv7 potassium channel opener, which is in Phase 3 clinical trials for the treatment of epilepsy and other neurological disorders.