The New York State Common Retirement Fund has increased its investment in Xenon Pharmaceuticals Inc. (NASDAQ: XENE) by 16.9%, acquiring an additional 24,100 shares during the second quarter of 2023. Following this purchase, the fund now holds a total of 166,472 shares valued at approximately $5,211,000, as detailed in its most recent filing with the Securities and Exchange Commission.
In recent months, other institutional investors have also adjusted their positions in Xenon Pharmaceuticals. Elevation Point Wealth Partners LLC entered the market with a new investment worth $32,000, while Foresite Capital Management VI LLC and Foresite Capital Management IV LLC each acquired shares valued at around $5,008,000. Ameritas Investment Partners Inc. also purchased a stake worth about $243,000. Notably, Prudential Financial Inc. increased its holdings by 22.4%, now owning 47,755 shares valued at approximately $1,534,000. Collectively, institutional investors and hedge funds own 95.45% of Xenon’s stock.
Xenon Pharmaceuticals Stock Performance
On October 1, shares of Xenon Pharmaceuticals opened at $45.01. The company boasts a market capitalization of $3.48 billion, with a price-to-earnings ratio of -11.57 and a beta of 1.03. The stock’s fifty-day moving average stands at $41.23, while the two-hundred-day moving average is $36.46. Notably, Xenon Pharmaceuticals has experienced a fifty-two week low of $26.74 and a high of $45.32.
In related developments, CEO Ian Mortimer sold 25,000 shares on October 1, 2023, at an average price of $40.16, totaling $1,004,000. Following this transaction, Mortimer’s direct ownership in the company decreased by 44.40%, with the remaining 31,302 shares valued at approximately $1,257,088.32. Corporate insiders hold 4.07% of the company’s stock.
Analyst Ratings and Future Outlook
Xenon Pharmaceuticals has received varied ratings from analysts in recent weeks. Wells Fargo & Company maintained an “overweight” rating but adjusted its price target from $48.00 to $44.00. Cantor Fitzgerald also reaffirmed an “overweight” rating, setting a target price of $55.00. Meanwhile, Bloom Burton upgraded the stock to a “strong-buy” rating, while Needham & Company LLC reiterated a “buy” rating with a target price of $55.00. Weiss Ratings, however, issued a “sell (d-)” rating, indicating a less favorable outlook.
Overall, analysts have given Xenon Pharmaceuticals a consensus rating of “Buy” and a target price averaging $54.27. As the biopharmaceutical company continues to develop therapeutics for neurological disorders, its stock performance and investor interest will likely remain under close scrutiny.
For further insights into hedge fund activities related to Xenon Pharmaceuticals, investors can refer to HoldingsChannel.com for the latest 13F filings and insider trades.
