Xencor (NASDAQ:XNCR) Upgraded by Barclays to Strong Sell Rating

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 released on Tuesday,Zacks.com reports.

Several other equities analysts also recently issued reports on XNCR. Royal Bank Of Canada decreased their price objective 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 price objective on shares of Xencor in a research report on Tuesday, September 2nd. Wells Fargo & Company dropped 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. Finally, Bank of America cut shares of Xencor from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $23.00 to $12.00 in a research note on Wednesday, September 3rd. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.25.

Xencor Trading Up 2.6%

NASDAQ:XNCR traded up $0.26 during trading hours on Tuesday, hitting $10.29. 4,502,615 shares of the stock were exchanged, compared to its average volume of 883,283. The company has a market cap of $733.88 million, a P/E ratio of -4.29 and a beta of 0.82. The firm's fifty day moving average price is $8.38 and its 200 day moving average price is $9.18. Xencor has a 52-week low of $6.92 and a 52-week high of $27.24.

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

Institutional Trading of Xencor

A number of institutional investors have recently made changes to their positions in the business. New York State Teachers Retirement System lifted its position in shares of Xencor by 2.1% in the first quarter. New York State Teachers Retirement System now owns 59,326 shares of the biopharmaceutical company's stock worth $631,000 after purchasing an additional 1,200 shares in the last quarter. HighVista Strategies LLC lifted its position in shares of Xencor by 4.3% in the second quarter. HighVista Strategies LLC now owns 33,304 shares of the biopharmaceutical company's stock worth $262,000 after purchasing an additional 1,362 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Xencor in the fourth quarter worth $34,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Xencor by 9.1% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 18,272 shares of the biopharmaceutical company's stock worth $144,000 after purchasing an additional 1,525 shares in the last quarter. Finally, State of Tennessee Department of Treasury lifted its position in shares of Xencor by 6.2% in the second quarter. State of Tennessee Department of Treasury now owns 30,721 shares of the biopharmaceutical company's stock worth $241,000 after purchasing an additional 1,784 shares in the last quarter.

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.