Xencor (NASDAQ:XNCR) Shares Down 5.7% - What's Next?

Key Points

• Xencor's share price decreased by 5.7% to $12.53 amid a trading volume decline of 67% from its average.
• Wells Fargo lowered its target price for Xencor from $33.00 to $27.00, while Bank of America cut its target from $23.00 to $12.00.
• The company reported a revenue of $43.61 million for the quarter, significantly exceeding analyst estimates, contributing to a 82.4% year-over-year revenue increase.

Xencor, Inc. (NASDAQ:XNCR - Get Free Report)'s share price traded down 5.7% during mid-day trading on Thursday . The stock traded as low as $12.56 and last traded at $12.53. 284,740 shares were traded during mid-day trading, a decline of 67% from the average session volume of 858,971 shares. The stock had previously closed at $13.29.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Wells Fargo & Company decreased their target price on shares of Xencor from $33.00 to $27.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of Xencor in a report on Tuesday, October 14th. Cantor Fitzgerald raised shares of Xencor to a "strong-buy" rating in a report on Wednesday, October 8th. Wedbush reissued an "outperform" rating and set a $26.00 price objective on shares of Xencor in a report on Tuesday, September 2nd. Finally, Bank of America cut shares of Xencor from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $23.00 to $12.00 in a report on Wednesday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Xencor presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.22.

Xencor Price Performance

The firm's 50-day moving average is $10.24 and its 200-day moving average is $9.27. The company has a market capitalization of $885.79 million, a P/E ratio of -5.17 and a beta of 0.96.

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, beating the consensus estimate of ($0.78) by $0.37. The company had revenue of $43.61 million during 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%. The firm's quarterly revenue was up 82.4% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.07) earnings per share. As a group, analysts forecast that Xencor, Inc. will post -3.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Xencor

Hedge funds have recently modified their holdings of the company. State of Wyoming bought a new position in shares of Xencor in the first quarter worth approximately $34,000. CWM LLC boosted its position in shares of Xencor by 195.5% in the first quarter. CWM LLC now owns 3,372 shares of the biopharmaceutical company's stock worth $36,000 after purchasing an additional 2,231 shares during the period. GAMMA Investing LLC boosted its position in shares of Xencor by 77.1% in the third quarter. GAMMA Investing LLC now owns 3,328 shares of the biopharmaceutical company's stock worth $39,000 after purchasing an additional 1,449 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of Xencor by 118.4% in the second quarter. Tower Research Capital LLC TRC now owns 5,568 shares of the biopharmaceutical company's stock worth $44,000 after purchasing an additional 3,018 shares during the period. Finally, Farther Finance Advisors LLC bought a new position in shares of Xencor in the third quarter worth approximately $44,000.

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.

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