Primecap Management Co. CA Invests $163.92 Million in Xencor, Inc. $XNCR

Key Points

• Primecap Management acquired 10.18 million Xencor shares worth approximately $163.9 million, giving it a 13.69% stake. BlackRock also initiated a position valued at about $219.8 million, while several other institutional investors increased their holdings.
• Xencor reported a quarterly loss of $0.29 per share, beating estimates for a $0.80 loss, while revenue reached $51.2 million—up 17.4% year over year and well above consensus expectations.
• XNCR shares opened at $29.30, near their one-year high of $30.61. Despite mostly favorable analyst ratings, the stock carries a consensus “Hold” rating with an average price target of $24.86.

Primecap Management Co. CA purchased a new stake in Xencor, Inc. (NASDAQ:XNCR - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 10,181,322 shares of the biopharmaceutical company's stock, valued at approximately $163,919,000. Primecap Management Co. CA owned 13.69% of Xencor as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Xencor in the second quarter valued at about $219,785,000. Vanguard Group Inc. raised its position in shares of Xencor by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 7,165,450 shares of the biopharmaceutical company's stock worth $109,703,000 after purchasing an additional 61,692 shares during the period. BVF Inc. IL lifted its holdings in shares of Xencor by 160.3% during the 4th quarter. BVF Inc. IL now owns 7,133,720 shares of the biopharmaceutical company's stock valued at $109,217,000 after purchasing an additional 4,393,579 shares in the last quarter. RTW Investments LP lifted its holdings in shares of Xencor by 8.9% during the 4th quarter. RTW Investments LP now owns 6,777,461 shares of the biopharmaceutical company's stock valued at $103,763,000 after purchasing an additional 556,407 shares in the last quarter. Finally, State Street Corp grew its position in shares of Xencor by 22.7% in the 4th quarter. State Street Corp now owns 4,507,254 shares of the biopharmaceutical company's stock valued at $69,006,000 after purchasing an additional 833,423 shares during the period.

Xencor Price Performance

Shares of NASDAQ:XNCR opened at $29.30 on Wednesday. The company's 50-day moving average price is $18.90 and its two-hundred day moving average price is $14.45. Xencor, Inc. has a one year low of $7.71 and a one year high of $30.61. The stock has a market capitalization of $2.18 billion, a PE ratio of -13.50 and a beta of 0.85.

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, beating 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 business had revenue of $51.22 million for the quarter, compared to the consensus estimate of $18.89 million. During the same quarter in the previous year, the business earned ($0.41) earnings per share. Xencor's quarterly revenue was up 17.4% on a year-over-year basis. On average, analysts anticipate that Xencor, Inc. will post -3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on XNCR. Wall Street Zen raised shares of Xencor from a "strong sell" rating to a "hold" rating in a research note on Saturday, August 8th. Truist Financial cut their price objective on shares of Xencor from $29.00 to $27.00 and set a "buy" rating on the stock in a research report on Tuesday, July 7th. Zacks Research upgraded Xencor from a "strong sell" rating to a "hold" rating in a report on Monday, July 6th. Royal Bank Of Canada boosted their price target on Xencor from $19.00 to $20.00 and gave the company an "outperform" rating in a report on Thursday, August 6th. Finally, JPMorgan Chase & Co. increased their price objective on Xencor from $13.00 to $14.00 and gave the stock a "neutral" rating in a report on Monday, May 11th. Five equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $24.86.

About Xencor

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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