Bank of New York Mellon Corp Makes New Investment in Xencor, Inc. $XNCR

Key Points

• Bank of New York Mellon acquired 410,769 Xencor shares worth approximately $6.6 million, representing about 0.55% of the biopharmaceutical company, while several other institutional investors also increased their positions.
• Analyst sentiment is generally positive: Xencor has an overall “Moderate Buy” rating and an average price target of $30.71, with recent targets raised as high as $46.
• Xencor reported a stronger-than-expected quarter, posting a loss of $0.29 per share versus an expected loss of $0.80 and revenue of $51.22 million, up 17.4% year over year.

Bank of New York Mellon Corp acquired a new position in shares of Xencor, Inc. (NASDAQ:XNCR - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 410,769 shares of the biopharmaceutical company's stock, valued at approximately $6,613,000. Bank of New York Mellon Corp owned approximately 0.55% of Xencor at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in XNCR. ProShare Advisors LLC grew its stake in Xencor by 6.5% in the 4th quarter. ProShare Advisors LLC now owns 16,853 shares of the biopharmaceutical company's stock valued at $258,000 after acquiring an additional 1,026 shares during the last quarter. Cerity Partners LLC raised its position in shares of Xencor by 3.8% during the 4th quarter. Cerity Partners LLC now owns 31,302 shares of the biopharmaceutical company's stock worth $479,000 after purchasing an additional 1,143 shares during the last quarter. State of Tennessee Department of Treasury raised its position in shares of Xencor by 6.2% during the 2nd quarter. State of Tennessee Department of Treasury now owns 30,721 shares of the biopharmaceutical company's stock worth $241,000 after purchasing an additional 1,784 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in Xencor by 3.3% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 70,015 shares of the biopharmaceutical company's stock valued at $550,000 after buying an additional 2,256 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake 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 valued at $44,000 after buying an additional 3,018 shares in the last quarter.

Analyst Upgrades and Downgrades

XNCR has been the subject of several recent research reports. Wedbush raised their price target on Xencor from $26.00 to $30.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. Wall Street Zen upgraded Xencor from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Xencor in a research note on Wednesday, June 24th. Cantor Fitzgerald lifted their price objective on Xencor from $43.00 to $44.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Finally, Raymond James Financial boosted their target price on shares of Xencor from $40.00 to $46.00 and gave the company a "strong-buy" rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $30.71.

Xencor Price Performance

NASDAQ XNCR opened at $26.62 on Friday. Xencor, Inc. has a 12 month low of $8.05 and a 12 month high of $30.61. The company has a 50-day moving average of $20.83 and a 200-day moving average of $15.22. The company has a market cap of $1.98 billion, a P/E ratio of -12.27 and a beta of 0.88.

Xencor (NASDAQ:XNCR - Get Free Report) last released its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.51. Xencor had a negative net margin of 155.59% and a negative return on equity of 28.66%. The business had revenue of $51.22 million for the quarter, compared to analysts' expectations of $18.89 million. During the same period last year, the company earned ($0.41) earnings per share. The company's quarterly revenue was up 17.4% on a year-over-year basis. As a group, equities research analysts anticipate that Xencor, Inc. will post -3 EPS for the current year.

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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