Bank of America Corp DE Sells 263,315 Shares of Xencor, Inc. $XNCR

Key Points

• Bank of America cut its Xencor stake by 41.8% in the first quarter, selling 263,315 shares and retaining 366,093 shares valued at approximately $4.4 million.
• Xencor reported better-than-expected quarterly results, with an adjusted loss of $0.29 per share versus the $0.80 consensus estimate and revenue of $51.22 million, up 17.4% year over year.
• Analyst sentiment remains mixed: five analysts rate Xencor a Buy, three a Hold and one a Sell. The consensus rating is Hold, with an average price target of $24.86.

Bank of America Corp DE lessened its stake in Xencor, Inc. (NASDAQ:XNCR - Free Report) by 41.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 366,093 shares of the biopharmaceutical company's stock after selling 263,315 shares during the quarter. Bank of America Corp DE owned 0.49% of Xencor worth $4,415,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of XNCR. Tower Research Capital LLC TRC increased its holdings in Xencor by 118.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,568 shares of the biopharmaceutical company's stock worth $44,000 after acquiring an additional 3,018 shares in the last quarter. E Fund Management Co. Ltd. purchased a new position in Xencor during the second quarter valued at approximately $79,000. iSAM Funds UK Ltd purchased a new stake in Xencor in the 2nd quarter worth $122,000. Prelude Capital Management LLC bought a new stake in Xencor during the third quarter valued at about $139,000. Finally, Creative Planning raised its holdings in Xencor by 25.3% during the second quarter. Creative Planning now owns 18,130 shares of the biopharmaceutical company's stock valued at $143,000 after acquiring an additional 3,661 shares during the period.

Xencor Price Performance

Shares of NASDAQ:XNCR opened at $26.06 on Friday. The firm has a market capitalization of $1.94 billion, a P/E ratio of -12.01 and a beta of 0.85. The business's 50-day moving average is $19.80 and its 200 day moving average is $14.77. Xencor, Inc. has a 1 year low of $7.83 and a 1 year high of $30.61.

Xencor (NASDAQ:XNCR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.29) EPS for the quarter, topping analysts' consensus estimates of ($0.80) by $0.51. Xencor had a negative return on equity of 28.66% and a negative net margin of 155.59%.The company had revenue of $51.22 million during the quarter, compared to analysts' expectations of $18.89 million. During the same quarter in the previous year, the firm posted ($0.41) EPS. The firm's revenue was up 17.4% compared to the same quarter last year. On average, analysts expect that Xencor, Inc. will post -3 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on XNCR shares. JPMorgan Chase & Co. upped their price objective on Xencor from $13.00 to $14.00 and gave the stock a "neutral" rating in a research note on Monday, May 11th. Zacks Research upgraded shares of Xencor from a "strong sell" rating to a "hold" rating in a report on Monday, July 6th. Truist Financial decreased their price target on shares of Xencor from $29.00 to $27.00 and set a "buy" rating on the stock in a research note on Tuesday, July 7th. Wedbush increased their price target on shares of Xencor from $26.00 to $30.00 and gave the company an "outperform" rating in a report on Thursday, August 6th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Xencor in a research report on Wednesday, June 24th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $24.86.

Xencor Profile

Xencor, Inc is a clinical-stage biopharmaceutical company focused on the design and development of engineered protein therapeutics for the treatment of autoimmune diseases, cancer and neurological disorders. The company applies its proprietary XmAb® platform to manipulate antibody structure and function, creating molecules with enhanced immune engagement and extended half-life. Xencor's research programs span a range of therapeutic modalities, including monoclonal antibodies, bispecific antibodies and cytokine-based fusion proteins.

The XmAb® platform enables precise modification of the Fc region to augment key properties such as receptor binding, effector function and pharmacokinetics.

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