Xencor (NASDAQ:XNCR) Upgraded to Strong Sell at Barclays

Key Points

• Barclays has downgraded Xencor (NASDAQ:XNCR) to a "strong sell" rating, following a series of negative adjustments from other analysts, including Bank of America and Royal Bank of Canada, who have also lowered their price targets for the stock.
• Xencor recently reported better-than-expected earnings for the quarter, posting a revenue increase of 82.4% year-over-year and beating analysts' EPS estimates.
• The stock price of Xencor opened at $9.25, reflecting a significant decline from its 12-month high of $27.24, which highlights ongoing volatility in its market performance.

Barclays upgraded shares of Xencor (NASDAQ:XNCR - Free Report) to a strong sell rating in a research note published on Tuesday,Zacks.com reports.

Several other research analysts also recently weighed in on the stock. Bank of America downgraded shares of Xencor from a "buy" rating to a "neutral" rating and decreased their target price for the company from $23.00 to $12.00 in a research note on Wednesday, September 3rd. Royal Bank Of Canada decreased their target price on shares of Xencor from $32.00 to $15.00 and set an "outperform" rating for the company in a research note on Thursday, August 21st. Wedbush restated an "outperform" rating and issued a $26.00 target price on shares of Xencor in a research note on Tuesday, September 2nd. Finally, 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 research note on Thursday, August 7th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $22.25.

Xencor Trading Up 1.0%

XNCR traded up $0.10 during trading on Tuesday, hitting $10.39. 1,812,486 shares of the company's stock were exchanged, compared to its average volume of 1,055,110. Xencor has a 1 year low of $6.92 and a 1 year high of $27.24. The stock has a 50 day moving average price of $8.41 and a 200 day moving average price of $9.12. The firm has a market cap of $741.01 million, a P/E ratio of -4.33 and a beta of 0.82.

Xencor (NASDAQ:XNCR - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported ($0.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.78) by $0.37. Xencor had a negative net margin of 121.52% and a negative return on equity of 25.75%. The company had revenue of $43.61 million during the quarter, compared to the consensus estimate of $22.59 million. During the same period in the previous year, the firm earned ($1.07) earnings per share. Xencor's revenue for the quarter was up 82.4% on a year-over-year basis. Analysts forecast that Xencor will post -3.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in XNCR. Ameriprise Financial Inc. boosted its stake in Xencor by 72.4% during the 4th quarter. Ameriprise Financial Inc. now owns 292,576 shares of the biopharmaceutical company's stock valued at $6,723,000 after acquiring an additional 122,870 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Xencor by 23.7% during the fourth quarter. BNP Paribas Financial Markets now owns 16,528 shares of the biopharmaceutical company's stock worth $380,000 after purchasing an additional 3,171 shares during the period. Deutsche Bank AG raised its holdings in shares of Xencor by 53.1% during the fourth quarter. Deutsche Bank AG now owns 58,041 shares of the biopharmaceutical company's stock worth $1,334,000 after purchasing an additional 20,128 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Xencor by 23.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,355 shares of the biopharmaceutical company's stock worth $929,000 after purchasing an additional 7,650 shares during the period. Finally, Nuveen Asset Management LLC raised its holdings in shares of Xencor by 452.4% during the fourth quarter. Nuveen Asset Management LLC now owns 837,082 shares of the biopharmaceutical company's stock worth $19,236,000 after purchasing an additional 685,557 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.