Driehaus Capital Management 13F: Cuts XENE Stake by $2.5M

Driehaus Trims Its Massive Xenon Stake

Driehaus Capital Management trimmed its holding in Xenon Pharmaceuticals Inc. (NASDAQ: XENE) by 1.04%, according to the investment firm's latest 13F filing with the Securities and Exchange Commission. The fund sold 47,038 shares during the period, leaving it with 4,491,653 shares. Even after this minor reduction, the remaining position is valued at about $235.45 million, making it a highly significant holding in the Driehaus portfolio.

This filing reflects the fund's holdings as of March 31, 2026. Because 13F filings are backward-looking and released up to 45 days after the quarter ends, they do not necessarily represent the investor's current, real-time market positions.

Xenon Stock Performance

On Saturday, shares of Xenon Pharmaceuticals closed at $52.42. The stock has experienced a volatile year, trading within a 52-week range of $35.97 to $72.66. Xenon is currently trading below its 50-day moving average of $61.70, though it remains close to its longer-term 200-day moving average of $53.38. The company has a current market value of $3.78 billion.

Recent Earnings

In its financial reports, Xenon Pharmaceuticals reported a net loss, yielding an earnings per share (EPS) of -$4.74. Because the company is not currently profitable, it does not have a meaningful price-to-earnings (P/E) ratio. The biotechnology firm maintains a solid liquidity profile, with a current ratio of 21.02 and a debt-to-equity ratio of 0.52. The company is scheduled to report its next round of quarterly earnings on November 2, 2026.

Analysts Set New Price Targets

Wall Street analysts remain highly optimistic about Xenon's pipeline. The consensus recommendation for the stock is a strong buy, based on opinions from 18 analysts. The average price target stands at $74.87, representing significant upside from recent trading levels.

Several research firms updated their outlooks on September 18, 2026. Baird maintained its outperform rating with a price target of $90.00, down from a prior target of $97.00. RBC Capital kept its outperform rating, setting its target at $70.00, down from $81.00. Wells Fargo also kept an overweight rating with a $64.00 target. Meanwhile, Deutsche Bank downgraded the stock from buy to hold, cutting its price target from $90.00 to $46.00. Earlier, on August 7, 2026, RBC Capital had maintained its outperform rating with an $81.00 target.

Developing Neuroscience Therapies

Xenon Pharmaceuticals is a clinical-stage biotechnology company that creates therapies for neurological and psychiatric disorders. The company's lead product candidate is Azetukalner, a potassium channel opener currently undergoing Phase 3 clinical trials to treat epilepsy and major depressive disorder. It also partners with Neurocrine Biosciences on early-stage seizure treatments.

What to Watch at XENE

Investors tracking Xenon will want to watch for further clinical trial updates regarding Azetukalner, as well as the company's next earnings release in November. Future 13F filings in the coming quarters will reveal whether Driehaus Capital continues to shave its position or decides to build it back up.