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Xenon Pharmaceuticals Inc. (NASDAQ:XENE) stock has reached a 52-week low, dipping to $33.16, as investors navigate through a tumultuous market environment. According to InvestingPro data, analysts maintain a bullish outlook with price targets ranging from $42 to $65, suggesting significant upside potential despite recent weakness. The biopharmaceutical company, which specializes in developing therapies for neurological disorders, has experienced a notable decline over the past year, with its stock price falling by 21.81%. While the company maintains robust financial health with a remarkable current ratio of 17.85 and more cash than debt on its balance sheet, this downturn reflects broader market trends and investor sentiment, as the company continues to advance its clinical programs and strive for breakthroughs in a challenging sector. Discover more insights and 8 additional key ProTips for XENE with an InvestingPro subscription.
In other recent news, Xenon Pharmaceuticals reported a slight beat on earnings per share (EPS) for the fourth quarter of 2024, posting an EPS of -0.84 compared to analysts’ expectations of -0.85. The company also recorded revenue of $357.14 million and maintained a strong cash position with $754.4 million in cash and equivalents. Additionally, Xenon Pharmaceuticals has announced a change in its auditing firm, transitioning from KPMG LLP to PricewaterhouseCoopers LLP, effective for the fiscal year ending December 31, 2025. This change was not due to any disagreements on accounting practices.
In other developments, Xenon Pharmaceuticals is planning to significantly increase its research and development spending over the next two years to support its ongoing Phase 3 programs, including studies in epilepsy and bipolar depression. The company is progressing with its lead asset, AZETU Calnar, in these areas. Furthermore, CFO Sherry Allen has announced her intention to step down by June 2025. Analyst firms have been attentive to these updates, with some expressing concerns over the anticipated increase in R&D expenses. These recent developments reflect Xenon’s strategic initiatives and adjustments as it continues to advance its clinical pipeline.
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