State Street Corp Reduces Stake in Xencor, Inc. (NASDAQ:XNCR)

State Street Corp cut its holdings in shares of Xencor, Inc. (NASDAQ:XNCR) by 7.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,119,290 shares of the biopharmaceutical company’s stock after selling 233,086 shares during the quarter. State Street Corp owned 4.46% of Xencor worth $62,729,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quarry LP purchased a new stake in shares of Xencor in the second quarter worth about $36,000. KBC Group NV boosted its position in Xencor by 63.5% in the 3rd quarter. KBC Group NV now owns 3,123 shares of the biopharmaceutical company’s stock worth $63,000 after purchasing an additional 1,213 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Xencor during the 2nd quarter worth approximately $154,000. XTX Topco Ltd purchased a new position in shares of Xencor during the 2nd quarter valued at approximately $196,000. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of Xencor in the 3rd quarter valued at $205,000.

Wall Street Analysts Forecast Growth

XNCR has been the topic of several analyst reports. Royal Bank of Canada raised their price target on shares of Xencor from $31.00 to $34.00 and gave the company an “outperform” rating in a research report on Thursday, September 26th. Wedbush restated an “outperform” rating and issued a $38.00 price target on shares of Xencor in a research note on Thursday, November 7th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $34.00 price target (up previously from $32.00) on shares of Xencor in a report on Friday, November 8th. Wells Fargo & Company assumed coverage on Xencor in a report on Thursday, December 12th. They issued an “overweight” rating and a $37.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their target price on Xencor from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $36.56.

Xencor Stock Down 5.2 %

NASDAQ XNCR opened at $23.73 on Thursday. Xencor, Inc. has a one year low of $15.31 and a one year high of $27.24. The company has a debt-to-equity ratio of 0.01, a quick ratio of 6.23 and a current ratio of 6.23. The business has a fifty day moving average price of $23.25 and a 200 day moving average price of $20.66. The company has a market cap of $1.66 billion, a P/E ratio of -7.42 and a beta of 0.69.

Xencor (NASDAQ:XNCR) last posted its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($0.71) earnings per share for the quarter, topping the consensus estimate of ($0.98) by $0.27. Xencor had a negative net margin of 232.77% and a negative return on equity of 30.92%. The firm had revenue of $10.70 million for the quarter, compared to the consensus estimate of $14.59 million. During the same period last year, the firm posted ($0.40) earnings per share. The company’s revenue for the quarter was down 81.9% on a year-over-year basis. Research analysts anticipate that Xencor, Inc. will post -3.71 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP John R. Desjarlais sold 68,684 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $23.48, for a total transaction of $1,612,700.32. Following the completion of the sale, the vice president now directly owns 200,104 shares in the company, valued at approximately $4,698,441.92. This trade represents a 25.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alan Bruce Montgomery sold 13,301 shares of Xencor stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $27.03, for a total transaction of $359,526.03. Following the transaction, the director now directly owns 9,140 shares in the company, valued at $247,054.20. This trade represents a 59.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 136,050 shares of company stock valued at $3,277,609 in the last ninety days. 5.23% of the stock is currently owned by corporate insiders.

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.