Xencor (NASDAQ:XNCR) Reaches New 12-Month Low Following Analyst Downgrade

Key Points

• Shares of Xencor hit a new 52-week low at $7.07 following a downgrade from Wells Fargo, which lowered its price target from $33.00 to $27.00.
• Other brokerages, including Barclays and Wedbush, also adjusted their price targets for Xencor, with Barclays lowering it to $6.00 and Wedbush to $26.00.
• Insider selling was notable, with two directors selling a combined total of nearly 6,000 shares recently, indicating potential concerns about the company's future outlook.

Xencor, Inc. (NASDAQ:XNCR - Get Free Report) shares reached a new 52-week low during mid-day trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $33.00 to $27.00. Wells Fargo & Company currently has an overweight rating on the stock. Xencor traded as low as $7.07 and last traded at $7.18, with a volume of 220848 shares changing hands. The stock had previously closed at $7.49.

Other equities analysts have also recently issued reports about the company. Wedbush dropped their price objective on Xencor from $31.00 to $26.00 and set an "outperform" rating for the company in a report on Thursday. Barclays dropped their price objective on Xencor from $22.00 to $6.00 and set an "underweight" rating for the company in a report on Thursday, May 8th. Finally, William Blair assumed coverage on Xencor in a report 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 given a buy rating to the company. Based on data from MarketBeat, Xencor has a consensus rating of "Moderate Buy" and an average price target of $26.43.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Xencor

Institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. grew its position in shares of Xencor by 2.5% in the 1st quarter. Principal Financial Group Inc. now owns 348,726 shares of the biopharmaceutical company's stock valued at $3,710,000 after buying an additional 8,581 shares during the last quarter. Wellington Management Group LLP bought a new stake in shares of Xencor during the 4th quarter valued at about $632,000. Raymond James Financial Inc. bought a new stake in shares of Xencor during the 4th quarter valued at about $2,329,000. Deutsche Bank AG boosted its position in shares of 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 purchasing an additional 20,128 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Xencor by 7.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,501,532 shares of the biopharmaceutical company's stock valued at $34,509,000 after purchasing an additional 102,297 shares in the last quarter.

Xencor Trading Down 3.2%

The firm has a 50-day moving average of $8.67 and a 200 day moving average of $10.87. The company has a market cap of $499.24 million, a P/E ratio of -2.92 and a beta of 0.89.

Xencor (NASDAQ:XNCR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported ($0.41) EPS for the quarter, topping the consensus estimate of ($0.78) by $0.37. The firm 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%. The company's quarterly revenue was up 82.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.07) earnings per share. On average, equities analysts predict that Xencor, Inc. will post -3.68 EPS for the current year.

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.