Xencor (NASDAQ:XNCR) Issues Earnings Results

Key Points

• Xencor (NASDAQ:XNCR) reported a loss of ($0.41) EPS for the quarter, exceeding analysts' expectations by $0.37.
• The company's revenue reached $43.61 million, significantly higher than the anticipated $22.59 million, marking an 82.4% increase year-over-year.
• Despite the positive earnings report, Xencor's stock fell by 1.2% to $7.23, with analysts adjusting their price targets amid mixed ratings on the stock.

Xencor (NASDAQ:XNCR - Get Free Report) issued its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported ($0.41) earnings per share for the quarter, beating analysts' consensus estimates of ($0.78) by $0.37, Zacks reports. The firm had revenue of $43.61 million for the quarter, compared to analyst estimates of $22.59 million. Xencor had a negative net margin of 121.52% and a negative return on equity of 25.75%. Xencor's quarterly revenue was up 82.4% compared to the same quarter last year. During the same period last year, the company posted ($1.07) EPS.

Xencor Stock Up 3.4%

XNCR traded up $0.27 during trading on Wednesday, reaching $8.02. The company's stock had a trading volume of 376,715 shares, compared to its average volume of 765,873. The firm has a fifty day simple moving average of $8.61 and a two-hundred day simple moving average of $10.76. Xencor has a 1 year low of $6.92 and a 1 year high of $27.24. The company has a market cap of $571.65 million, a price-to-earnings ratio of -3.35 and a beta of 0.89.

Insider Activity

In other news, Director Kurt A. Gustafson sold 2,993 shares of Xencor stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $9.22, for a total transaction of $27,595.46. Following the sale, the director 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ellen Feigal sold 2,993 shares of Xencor stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $9.22, for a total transaction of $27,595.46. Following the sale, the director directly owned 19,183 shares in the company, valued at approximately $176,867.26. The trade was a 13.50% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have 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

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Creative Planning grew its stake in shares of Xencor by 25.3% in the second quarter. Creative Planning now owns 18,130 shares of the biopharmaceutical company's stock worth $143,000 after acquiring an additional 3,661 shares in the last quarter. Norges Bank acquired a new position in shares of Xencor in the second quarter worth $235,000. AQR Capital Management LLC acquired a new position in shares of Xencor during the first quarter worth $438,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Xencor by 9.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,047 shares of the biopharmaceutical company's stock worth $471,000 after purchasing an additional 3,692 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in shares of Xencor by 12.0% during the second quarter. American Century Companies Inc. now owns 155,973 shares of the biopharmaceutical company's stock worth $1,226,000 after purchasing an additional 16,731 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on XNCR shares. Wedbush decreased their price target on shares of Xencor from $31.00 to $26.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Wells Fargo & Company decreased their price target on shares of Xencor from $33.00 to $27.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. William Blair initiated coverage on shares of Xencor in a research note on Monday, April 21st. They issued an "outperform" rating on the stock. Finally, Barclays decreased their target price on shares of Xencor from $22.00 to $6.00 and set an "underweight" rating on the stock in a research note on Thursday, May 8th. Two analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Xencor presently has an average rating of "Moderate Buy" and an average price target of $26.43.

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.