Primecap Management Co. CA Boosts Stake in 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 raised its stake in Xencor, Inc. (NASDAQ:XNCR - Free Report) by 8.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,761,012 shares of the biopharmaceutical company's stock after buying 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 SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Sterling Capital Management LLC boosted its holdings in 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 acquiring an additional 1,040 shares in the last quarter. GF Fund Management CO. LTD. bought a new position in Xencor in the fourth quarter worth approximately $34,000. CWM LLC boosted its holdings in Xencor by 195.5% in the first quarter. CWM LLC now owns 3,372 shares of the biopharmaceutical company's stock worth $36,000 after acquiring an additional 2,231 shares in the last quarter. Mackenzie Financial Corp bought a new position in Xencor in the fourth quarter worth approximately $101,000. Finally, GAMMA Investing LLC raised its stake in shares of Xencor by 348.5% in the first quarter. GAMMA Investing LLC now owns 9,629 shares of the biopharmaceutical company's stock worth $102,000 after purchasing an additional 7,482 shares during the last quarter.

Wall Street Analyst Weigh In

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

Xencor Trading Down 0.7%

NASDAQ XNCR traded down $0.05 on Monday, hitting $7.18. The company's stock had a trading volume of 116,710 shares, compared to its average volume of 761,354. Xencor, Inc. has a 52-week low of $7.07 and a 52-week high of $27.24. The company's 50-day simple moving average is $8.67 and its 200 day simple moving average is $10.87. The firm has a market cap of $512.08 million, a P/E ratio of -3.00 and a beta of 0.89.

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

Insider Buying and Selling at Xencor

In other news, Director Kurt A. Gustafson sold 2,993 shares of the business's 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 completion of the transaction, the director owned 20,183 shares in the company, valued at $186,087.26. The trade was a 12.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard J. Ranieri sold 2,993 shares of Xencor 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 completion of the sale, the director directly owned 19,183 shares of the company's stock, valued at $176,867.26. The trade was a 13.50% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,194 shares of company stock worth $103,209. 5.23% of the stock is owned by insiders.

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.