Xencor (NASDAQ:XNCR) Hits New 12-Month High After Better-Than-Expected Earnings

Shares of Xencor, Inc. (NASDAQ:XNCR) hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $33.86 and last traded at $33.90, with a volume of 825,662 shares traded. The stock had previously closed at $30.64.

The biopharmaceutical company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.83. Xencor had a negative return on equity of 21.37% and a negative net margin of 58.79%. The company had revenue of $116.52 million for the quarter, compared to analyst estimates of $63.00 million. During the same period in the previous year, the company posted ($0.08) EPS. The firm’s revenue for the quarter was up 453.3% compared to the same quarter last year.

Analysts Set New Price Targets

A number of research firms have recently commented on XNCR. Wells Fargo & Company raised their price objective on shares of Xencor from $30.00 to $44.00 and gave the company an “overweight” rating in a research report on Tuesday, October 27th. Wedbush upped their target price on shares of Xencor from $30.00 to $45.00 and gave the stock an “outperform” rating in a report on Tuesday, October 27th. Raymond James Financial increased their target price on shares of Xencor from $40.00 to $46.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, September 1st. Barclays set a $45.00 price target on shares of Xencor and gave the company an “overweight” rating in a research report on Monday, October 26th. Finally, Truist Financial upped their price target on shares of Xencor from $29.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $42.22.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of XNCR. Integrated Wealth Concepts LLC purchased a new position in shares of Xencor in the 2nd quarter worth about $30,000. Allworth Financial LP purchased a new position in shares of Xencor during the 2nd quarter valued at about $55,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Xencor during the 3rd quarter valued at about $95,000. GAMMA Investing LLC raised its holdings in shares of Xencor by 15.5% during the 3rd quarter. GAMMA Investing LLC now owns 4,269 shares of the biopharmaceutical company’s stock valued at $107,000 after buying an additional 572 shares in the last quarter. Finally, Pinnacle Wealth Planning Services Inc. lifted its position in Xencor by 31.0% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 5,804 shares of the biopharmaceutical company’s stock worth $145,000 after buying an additional 1,373 shares during the last quarter.

Xencor Stock Performance

The stock has a 50-day moving average of $26.04 and a two-hundred day moving average of $17.34. The company has a market cap of $2.66 billion, a P/E ratio of -22.48 and a beta of 0.78.

About Xencor

Xencor, Inc is a clinical-stage biopharmaceutical company headquartered in Monrovia, California. Founded in 1997, the company develops engineered antibodies and other biologic medicines for the treatment of cancer, autoimmune disorders and other serious diseases.

Xencor’s research is centered on its XmAb technology platform, which is designed to modify antibodies to improve their therapeutic properties or create new antibody-based mechanisms. The platform supports the development of bispecific antibodies, immune-cell engagers and antibodies with extended activity in the body.