We recently published an article titled Massive Sell-Offs Just Hit These 10 Stocks Today. In this article, we are going to take a look at where Xenon Pharmaceuticals Inc. (NASDAQ:XENE) stands against the other stocks.
Wall Street’s main indices finished mixed on Tuesday, as investors digested the country’s latest inflation figures, which came out lower than expected.
On Tuesday, the Labor Department reported that the Consumer Price Index for April rose by only 0.2 percent last month, bringing the annual inflation rate to 2.3 percent, versus the 2.4 percent in March. It was the lowest annual rate since February 2021.
Only the S&P 500 and the tech-heavy Nasdaq registered gains among all major indices, up by 0.72 percent and 1.61 percent, respectively. The Dow Jones, on the other hand, was down by 0.64 percent.
Beyond the main indices, 10 firms lagged in performance amid negative news, sparking sell-offs.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.
A team of scientists in lab coats studying a biopharmaceutical molecule in a lab.
Xenon Pharmaceuticals Inc. (NASDAQ:XENE)
Xenon Pharmaceuticals Inc. decreased by 17.43 percent on Tuesday to finish at $29.60 apiece following the delayed results of its Phase 3 epilepsy study and a dismal earnings performance in the first quarter of the year.
In a statement, Xenon Pharmaceuticals Inc. said that the results of the study are now expected to be released in early 2026.
“While this timing represents a modest shift from our prior guidance, we are encouraged that we are nearing the end of this important study, which represents a significant milestone for Xenon, getting us one step closer to a potential first commercial product launch,” said President and CEO Ian Mortimer.
In the first three months of the year, Xenon Pharmaceuticals Inc. said net loss widened by 35.7 percent to $65 million from $47.9 million in the same period last year, despite incurring $7.5 million in revenues during the period.
Research and development expenses grew by 38 percent to $61.2 million from $44.3 million year-on-year.
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This article is originally published at Insider Monkey.