Xencor (NASDAQ:XNCR) Price Target Cut to $27.00 by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo & Company has reduced its price target for Xencor from $33.00 to $27.00, still maintaining an "overweight" rating, suggesting a potential upside of 276.25% from its current price.
• Other analysts have varied opinions, with Barclays downgrading their target to $6.00 and putting an "underweight" rating, while seven analysts still endorse the stock with a "buy" rating.
• Xencor reported significant revenue growth of 82.4% year-over-year, achieving $43.61 million for the quarter, surpassing consensus estimates and improving its earnings from the previous year.

Xencor (NASDAQ:XNCR - Free Report) had its target price reduced by Wells Fargo & Company from $33.00 to $27.00 in a research note issued to investors on Thursday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the biopharmaceutical company's stock.

Several other research firms also recently commented on XNCR. Barclays reduced 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. William Blair began coverage on Xencor in a report on Monday, April 21st. They issued an "outperform" rating on the stock. Finally, Wedbush dropped their price target on Xencor from $31.00 to $26.00 and set an "outperform" rating for the company in a research report on Thursday. Two 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, Xencor has a consensus rating of "Moderate Buy" and an average target price of $26.43.

Xencor Stock Performance

NASDAQ XNCR traded down $0.23 during trading on Thursday, reaching $7.00. 943,091 shares of the company's stock were exchanged, compared to its average volume of 766,692. The stock has a market cap of $499.24 million, a P/E ratio of -2.92 and a beta of 0.89. The company has a 50 day moving average price of $8.67 and a two-hundred day moving average price of $10.87. Xencor has a 1 year low of $6.92 and a 1 year high of $27.24.

Xencor (NASDAQ:XNCR - Get Free Report) last announced its quarterly 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. The company had revenue of $43.61 million during the quarter, compared to the consensus estimate of $22.59 million. Xencor had a negative return on equity of 25.75% and a negative net margin of 121.52%. Xencor's revenue for the quarter was up 82.4% on a year-over-year basis. During the same period in the previous year, the business earned ($1.07) EPS. Research analysts forecast that Xencor will post -3.68 EPS for the current fiscal year.

Insider Activity at Xencor

In related news, Director Richard J. Ranieri sold 2,993 shares of the business's stock in a transaction dated 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ellen Feigal sold 2,993 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $9.22, for a total value of $27,595.46. Following the transaction, the director directly owned 19,183 shares of the company's stock, valued at $176,867.26. This trade represents a 13.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,194 shares of company stock valued at $103,209 over the last three months. 5.23% of the stock is owned by insiders.

Hedge Funds Weigh In On Xencor

Institutional investors have recently made changes to their positions in the stock. Sterling Capital Management LLC grew its holdings in shares of Xencor by 732.4% during the fourth quarter. Sterling Capital Management LLC now owns 1,182 shares of the biopharmaceutical company's stock valued at $27,000 after purchasing an additional 1,040 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Xencor during the fourth quarter worth approximately $34,000. State of Wyoming acquired a new position in shares of Xencor during the first quarter worth approximately $34,000. CWM LLC boosted its position in shares of Xencor by 195.5% during the first quarter. CWM LLC now owns 3,372 shares of the biopharmaceutical company's stock worth $36,000 after buying an additional 2,231 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in shares of Xencor by 82.8% during the second quarter. PNC Financial Services Group Inc. now owns 5,982 shares of the biopharmaceutical company's stock worth $47,000 after buying an additional 2,709 shares during the period.

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.