Primecap Management Co. CA Purchases 776,580 Shares of Xencor, Inc. (NASDAQ:XNCR)

Key Points

• Primecap Management Co. raised its stake in Xencor, increasing their ownership by 8.6% to approximately $103.86 million as of the latest quarter.
• Xencor reported a quarterly revenue of $43.61 million, significantly exceeding analysts' expectations, and showed an 82.4% year-over-year revenue growth.
• Despite positive revenue news, analysts are mixed on Xencor's prospects with Barclays downgrading their price target to $6.00 and setting an "underweight" rating.

Primecap Management Co. CA lifted its position in Xencor, Inc. (NASDAQ:XNCR - Free Report) by 8.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,761,012 shares of the biopharmaceutical company's stock after purchasing an additional 776,580 shares during the period. Primecap Management Co. CA owned about 13.72% of Xencor worth $103,857,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also bought and sold shares of the business. Sterling Capital Management LLC lifted its holdings in shares of Xencor by 732.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,182 shares of the biopharmaceutical company's stock worth $27,000 after buying an additional 1,040 shares in the last quarter. New York State Teachers Retirement System grew its stake in Xencor by 2.1% during the first quarter. New York State Teachers Retirement System now owns 59,326 shares of the biopharmaceutical company's stock valued at $631,000 after acquiring an additional 1,200 shares in the last quarter. Summit Investment Advisors Inc. increased its holdings in Xencor by 22.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,045 shares of the biopharmaceutical company's stock valued at $162,000 after acquiring an additional 1,282 shares during the last quarter. GF Fund Management CO. LTD. purchased a new stake in Xencor in the 4th quarter worth $34,000. Finally, Exchange Traded Concepts LLC boosted its holdings in shares of Xencor by 23.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 9,814 shares of the biopharmaceutical company's stock valued at $104,000 after purchasing an additional 1,896 shares during the last quarter.

Insider Buying and Selling at Xencor

In other Xencor news, Director Kurt A. Gustafson sold 2,993 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $9.22, for a total value of $27,595.46. Following the sale, the director owned 20,183 shares in the company, valued at $186,087.26. This trade represents a 12.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard J. Ranieri sold 2,993 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $9.22, for a total transaction of $27,595.46. Following the sale, the director directly owned 19,183 shares of the company's stock, valued at $176,867.26. This represents a 13.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,194 shares of company stock worth $103,209 over the last 90 days. Company insiders own 4.76% of the company's stock.

Wall Street Analysts Forecast Growth

XNCR has been the topic of a number of research analyst reports. Wedbush decreased their target price on Xencor from $31.00 to $26.00 and set an "outperform" rating on the stock in a research report on Thursday. Wells Fargo & Company cut their target price on shares of Xencor from $33.00 to $27.00 and set an "overweight" rating for the company in a report on Thursday. Barclays decreased their price target on shares of Xencor from $22.00 to $6.00 and set an "underweight" rating on the stock in a research note on Thursday, May 8th. Finally, William Blair initiated coverage on shares of Xencor in a research note on Monday, April 21st. They issued an "outperform" rating for the company. Two analysts have rated the stock with a sell rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Xencor presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.43.

Xencor Stock Performance

NASDAQ XNCR traded down $0.09 on Friday, hitting $7.23. 872,504 shares of the stock were exchanged, compared to its average volume of 608,290. Xencor, Inc. has a 52-week low of $7.07 and a 52-week high of $27.24. The firm has a market capitalization of $515.64 million, a P/E ratio of -3.01 and a beta of 0.89. The stock has a fifty day moving average price of $8.67 and a two-hundred day moving average price of $11.00.

Xencor (NASDAQ:XNCR - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported ($0.41) EPS for the quarter, topping analysts' consensus estimates of ($0.78) by $0.37. The firm had revenue of $43.61 million during the quarter, compared to analysts' expectations of $22.59 million. Xencor had a negative net margin of 121.52% and a negative return on equity of 25.75%. The firm's revenue for the quarter was up 82.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.07) EPS. Sell-side analysts expect that Xencor, Inc. will post -3.68 earnings per share for the current fiscal year.

Xencor Company Profile

Xencor, Inc, a clinical stage biopharmaceutical company, focuses on the discovery and development of engineered monoclonal antibody and cytokine therapeutics to treat patients with cancer and autoimmune diseases. The company provides Sotrovimab that targets the SARS-CoV-2 virus; Ultomiris for the treatment of patients with paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome; and Monjuvi for the treatment of patients with relapsed or refractory diffuse large B-cell lymphoma.