Xencor (NASDAQ:XNCR) Cut to "Neutral" at Bank of America

Key Points

• Xencor has been downgraded from a "buy" to a "neutral" rating by Bank of America, with a target price set at $12.00, indicating a potential upside of 40.35% from its previous close.
• Other analysts have varied opinions, with Royal Bank of Canada lowering their price target from $32.00 to $15.00, while Barclays set a significantly lower target at $6.00.
• Xencor reported a revenue increase of 82.4% year-over-year, with earnings per share improving to ($0.41), surpassing analyst expectations.

Xencor (NASDAQ:XNCR - Get Free Report) was downgraded by equities research analysts at Bank of America from a "buy" rating to a "neutral" rating in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. They presently have a $12.00 price target on the biopharmaceutical company's stock. Bank of America's target price indicates a potential upside of 40.35% from the company's previous close.

Other analysts have also recently issued reports about the stock. Royal Bank Of Canada cut their price target on shares of Xencor from $32.00 to $15.00 and set an "outperform" rating on the stock in a report on Thursday, August 21st. Barclays decreased their target price on Xencor from $22.00 to $6.00 and set an "underweight" rating for the company in a research report on Thursday, May 8th. Wells Fargo & Company dropped their price target on Xencor from $33.00 to $27.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Finally, Wedbush restated an "outperform" rating and set a $26.00 price objective on shares of Xencor in a research note on Tuesday. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Xencor currently has an average rating of "Moderate Buy" and an average target price of $22.25.

Xencor Price Performance

Shares of XNCR stock opened at $8.55 on Wednesday. The company's fifty day moving average price is $8.29 and its two-hundred day moving average price is $9.76. The firm has a market capitalization of $609.79 million, a P/E ratio of -3.56 and a beta of 0.82. Xencor has a 12 month low of $6.92 and a 12 month high of $27.24.

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

Insider Activity

In other news, Director Richard J. Ranieri sold 2,993 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $9.22, for a total transaction of $27,595.46. Following the completion of the transaction, the director owned 19,183 shares in the company, valued at approximately $176,867.26. This represents a 13.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ellen Feigal sold 2,993 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $9.22, for a total transaction of $27,595.46. Following the completion of the sale, the director directly owned 19,183 shares in the company, valued at approximately $176,867.26. This trade represents a 13.50% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,194 shares of company stock valued at $103,209. 5.23% of the stock is currently owned by company insiders.

Institutional Trading of Xencor

Several large investors have recently added to or reduced their stakes in XNCR. Northern Trust Corp boosted its position in Xencor by 19.3% during the 4th quarter. Northern Trust Corp now owns 747,152 shares of the biopharmaceutical company's stock worth $17,170,000 after acquiring an additional 120,655 shares during the period. Comerica Bank lifted its holdings in Xencor by 12.1% in the fourth quarter. Comerica Bank now owns 20,527 shares of the biopharmaceutical company's stock worth $472,000 after purchasing an additional 2,219 shares during the period. Ameriprise Financial Inc. grew its position in Xencor by 72.4% in the 4th quarter. Ameriprise Financial Inc. now owns 292,576 shares of the biopharmaceutical company's stock valued at $6,723,000 after buying an additional 122,870 shares in the last quarter. BNP Paribas Financial Markets grew its position in Xencor by 23.7% in the 4th quarter. BNP Paribas Financial Markets now owns 16,528 shares of the biopharmaceutical company's stock valued at $380,000 after buying an additional 3,171 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in Xencor by 53.1% during the 4th quarter. Deutsche Bank AG now owns 58,041 shares of the biopharmaceutical company's stock valued at $1,334,000 after buying an additional 20,128 shares during the period.

About Xencor

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.

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