Wells Fargo & Company Cuts Xencor (NASDAQ:XNCR) Price Target to $27.00

Xencor (NASDAQ:XNCR) had its price objective lowered by Wells Fargo & Company from $33.00 to $27.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the biopharmaceutical company’s stock.

Other research analysts have also issued reports about the stock. Barclays decreased their price objective on shares of Xencor from $22.00 to $6.00 and set an “underweight” rating for the company in a report on Thursday, May 8th. Wedbush decreased their price objective on shares of Xencor from $31.00 to $26.00 and set an “outperform” rating for the company in a report on Thursday. Finally, William Blair started coverage on shares of Xencor in a report on Monday, April 21st. They issued an “outperform” rating for the company. Two research analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Xencor currently has an average rating of “Moderate Buy” and a consensus price target of $26.43.

Xencor Stock Down 1.2%

Shares of XNCR opened at $7.23 on Thursday. The stock has a market capitalization of $515.64 million, a P/E ratio of -3.01 and a beta of 0.89. The firm has a fifty day simple moving average of $8.67 and a two-hundred day simple moving average of $10.94. Xencor has a twelve month low of $7.07 and a twelve month high of $27.24.

Xencor (NASDAQ:XNCR) last announced its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported ($0.41) earnings per share for the quarter, beating the consensus estimate of ($0.78) by $0.37. The business had revenue of $43.61 million during the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 82.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.07) EPS. Sell-side analysts expect that Xencor will post -3.68 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Kurt A. Gustafson sold 2,993 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $9.22, for a total value of $27,595.46. Following the completion of the transaction, the director directly owned 20,183 shares in the company, valued at $186,087.26. This trade represents a 12.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ellen Feigal sold 2,993 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $9.22, for a total transaction of $27,595.46. Following the completion of the transaction, the director owned 19,183 shares of the company’s stock, valued at approximately $176,867.26. The trade was a 13.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,194 shares of company stock worth $103,209 in the last three months. 4.76% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Creative Planning increased its stake in shares of Xencor by 25.3% in the 2nd 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. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake 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 acquiring an additional 1,525 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its stake in shares of Xencor by 16.1% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 16,470 shares of the biopharmaceutical company’s stock worth $129,000 after acquiring an additional 2,281 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Xencor by 1.8% in the second quarter. Geode Capital Management LLC now owns 1,703,664 shares of the biopharmaceutical company’s stock worth $13,393,000 after acquiring an additional 29,316 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Xencor by 82.8% in the second quarter. PNC Financial Services Group Inc. now owns 5,982 shares of the biopharmaceutical company’s stock worth $47,000 after acquiring an additional 2,709 shares during 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.