Xenon Gets a Buy Rating from Canaccord Genuity

By Jason Carr

Canaccord Genuity analyst John Newman reiterated a Buy rating on Xenon (NASDAQ: XENE) today and set a price target of $5. The company’s shares opened today at $3.30, close to its 52-week high of $9.95.

According to TipRanks.com, Newman is a 2-star analyst with an average return of 0.2% and a 43.4% success rate. Newman covers the Healthcare sector, focusing on stocks such as Advanced Accelerator Applications, Hutchison China MediTech Ltd, and Synergy Pharmaceuticals Inc.

Currently, the analyst consensus on Xenon is Moderate Buy and the average price target is $6.50, representing a 97.0% upside.

In a report issued on June 12, Jefferies also reiterated a Buy rating on the stock with a $8 price target.

Based on Xenon’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $16K and GAAP net loss of $7.52 million. In comparison, last year the company earned revenue of $601K and had a GAAP net loss of $3.26 million.

Based on the recent corporate insider activity of 16 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of XENE in relation to earlier this year. Earlier this month, Michael Tarnow, a Director at XENE bought 1,028 shares for a total of $3,608.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Xenon Pharmaceuticals, Inc. is a biopharmaceutical company. It engages in discovering and developing a pipeline of differentiated therapeutics.