Xencor (NASDAQ:XNCR) Stock Rating Lowered by Bank of America

Xencor (NASDAQ:XNCR) was downgraded by equities researchers at Bank of America from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. They presently have a $12.00 price target on the biopharmaceutical company’s stock, down from their prior price target of $23.00. Bank of America‘s price objective suggests a potential upside of 43.37% from the stock’s previous close.

Several other analysts also recently weighed in on the company. Barclays cut their target price on Xencor from $22.00 to $6.00 and set an “underweight” rating on the stock in a research note on Thursday, May 8th. Royal Bank Of Canada cut their target price on Xencor from $32.00 to $15.00 and set an “outperform” rating on the stock in a research note on Thursday, August 21st. Wedbush reaffirmed an “outperform” rating and set a $26.00 target price on shares of Xencor in a research note on Tuesday. Finally, Wells Fargo & Company cut their target price on Xencor from $33.00 to $27.00 and set an “overweight” rating on the stock in a research note on Thursday, August 7th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.25.

Xencor Trading Up 0.5%

Shares of NASDAQ XNCR opened at $8.37 on Wednesday. The company has a market cap of $596.95 million, a price-to-earnings ratio of -3.49 and a beta of 0.82. Xencor has a 12-month low of $6.92 and a 12-month high of $27.24. The stock’s 50 day simple moving average is $8.28 and its 200 day simple moving average is $9.69.

Xencor (NASDAQ:XNCR) last announced its quarterly earnings results 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. The business had revenue of $43.61 million for the quarter, compared to the consensus estimate of $22.59 million. Xencor had a negative return on equity of 25.75% and a negative net margin of 121.52%.The business’s revenue was up 82.4% on a year-over-year basis. During the same quarter last year, the business posted ($1.07) EPS. As a group, equities analysts forecast that Xencor will post -3.68 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Squarepoint Ops LLC grew its holdings in shares of Xencor by 3,150.0% during the second quarter. Squarepoint Ops LLC now owns 363,153 shares of the biopharmaceutical company’s stock valued at $2,854,000 after buying an additional 351,979 shares in the last quarter. Hudson Bay Capital Management LP grew its holdings in shares of Xencor by 5.2% during the second quarter. Hudson Bay Capital Management LP now owns 485,000 shares of the biopharmaceutical company’s stock valued at $3,812,000 after buying an additional 24,110 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in shares of Xencor by 9.3% during the second quarter. Public Sector Pension Investment Board now owns 242,652 shares of the biopharmaceutical company’s stock valued at $1,907,000 after buying an additional 20,681 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of Xencor by 3.3% during the second quarter. CANADA LIFE ASSURANCE Co now owns 70,015 shares of the biopharmaceutical company’s stock valued at $550,000 after buying an additional 2,256 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Xencor by 118.4% during the second quarter. Tower Research Capital LLC TRC now owns 5,568 shares of the biopharmaceutical company’s stock valued at $44,000 after buying an additional 3,018 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.