EcoR1 Capital LLC Cuts Stock Holdings in Xencor, Inc. $XNCR

Key Points

• EcoR1 Capital cut its Xencor stake by 34.2% in the first quarter, selling 1.14 million shares and retaining 2.18 million shares worth approximately $26.3 million.
• Xencor reported weaker-than-expected quarterly results, with an EPS loss of $1.71 versus the $0.75 consensus estimate and revenue of $4.52 million, down 86.2% year over year.
• Despite mixed analyst views, Xencor carries a consensus “Moderate Buy” rating and a $24.25 average price target; shares recently opened at $19.86.

EcoR1 Capital LLC reduced its stake in Xencor, Inc. (NASDAQ:XNCR - Free Report) by 34.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,183,000 shares of the biopharmaceutical company's stock after selling 1,135,612 shares during the quarter. Xencor comprises approximately 1.1% of EcoR1 Capital LLC's portfolio, making the stock its 12th biggest holding. EcoR1 Capital LLC owned approximately 2.94% of Xencor worth $26,327,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Tower Research Capital LLC TRC raised its position in Xencor by 118.4% during the second quarter. Tower Research Capital LLC TRC now owns 5,568 shares of the biopharmaceutical company's stock valued at $44,000 after purchasing an additional 3,018 shares in the last quarter. E Fund Management Co. Ltd. bought a new stake in Xencor in the 2nd quarter worth approximately $79,000. Wealth Enhancement Advisory Services LLC bought a new stake in Xencor in the 4th quarter worth approximately $81,000. iSAM Funds UK Ltd purchased a new stake in Xencor in the second quarter worth approximately $122,000. Finally, Prelude Capital Management LLC bought a new position in Xencor during the third quarter valued at approximately $139,000.

Xencor Stock Up 2.2%

Shares of XNCR opened at $19.86 on Tuesday. The stock has a market capitalization of $1.47 billion, a P/E ratio of -8.67 and a beta of 0.86. The firm has a fifty day simple moving average of $14.13 and a two-hundred day simple moving average of $12.98. Xencor, Inc. has a twelve month low of $6.92 and a twelve month high of $21.26.

Xencor (NASDAQ:XNCR - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported ($1.71) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.75) by ($0.96). The firm had revenue of $4.52 million during the quarter, compared to analysts' expectations of $27.86 million. Xencor had a negative net margin of 177.10% and a negative return on equity of 28.77%. Xencor's revenue was down 86.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.66) EPS. Sell-side analysts expect that Xencor, Inc. will post -3.88 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Xencor from a "hold" rating to a "strong sell" rating in a report on Saturday, May 9th. Truist Financial reduced their target price on shares of Xencor from $29.00 to $27.00 and set a "buy" rating on the stock in a report on Tuesday, July 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of Xencor in a research note on Wednesday, June 24th. JPMorgan Chase & Co. upped their price target on shares of Xencor from $13.00 to $14.00 and gave the company a "neutral" rating in a research report on Monday, May 11th. Finally, Zacks Research raised Xencor from a "strong sell" rating to a "hold" rating in a research note on Monday, July 6th. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.25.

Xencor Company 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.

Want to see what other hedge funds are holding XNCR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Xencor, Inc. (NASDAQ:XNCR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.