Readystate Asset Management LP Buys New Position in Xencor, Inc. (NASDAQ:XNCR)

Readystate Asset Management LP acquired a new stake in Xencor, Inc. (NASDAQ:XNCR - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 96,100 shares of the biopharmaceutical company's stock, valued at approximately $1,933,000. Readystate Asset Management LP owned approximately 0.14% of Xencor as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Point72 Asset Management L.P. grew its position in Xencor by 147.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,120,229 shares of the biopharmaceutical company's stock valued at $62,748,000 after purchasing an additional 1,858,440 shares during the period. Logos Global Management LP grew its position in Xencor by 130.8% in the 2nd quarter. Logos Global Management LP now owns 1,500,000 shares of the biopharmaceutical company's stock valued at $28,395,000 after purchasing an additional 850,000 shares during the period. RTW Investments LP acquired a new stake in Xencor in the 3rd quarter valued at $11,563,000. Braidwell LP acquired a new stake in Xencor in the 3rd quarter valued at $9,380,000. Finally, Erste Asset Management GmbH acquired a new stake in Xencor in the 3rd quarter valued at $7,087,000.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Piper Sandler raised shares of Xencor from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $20.00 to $30.00 in a research report on Monday. JPMorgan Chase & Co. lifted their price objective on shares of Xencor from $27.00 to $28.00 and gave the stock an "overweight" rating in a report on Thursday, November 7th. Royal Bank of Canada lifted their price objective on shares of Xencor from $31.00 to $34.00 and gave the stock an "outperform" rating in a report on Thursday, September 26th. BMO Capital Markets reaffirmed an "outperform" rating and set a $34.00 price objective (up from $32.00) on shares of Xencor in a report on Friday, November 8th. Finally, Wedbush reiterated an "outperform" rating and set a $38.00 target price on shares of Xencor in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $36.50.

Insider Activity

In other news, CEO Bassil I. Dahiyat sold 3,366 shares of the business's stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $24.02, for a total transaction of $80,851.32. Following the completion of the transaction, the chief executive officer now owns 352,615 shares of the company's stock, valued at approximately $8,469,812.30. The trade was a 0.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Alan Bruce Montgomery sold 13,301 shares of the company's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $27.03, for a total value of $359,526.03. Following the completion of the sale, the director now directly owns 9,140 shares of the company's stock, valued at approximately $247,054.20. This represents a 59.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 136,050 shares of company stock worth $3,277,609 over the last ninety days. Company insiders own 5.23% of the company's stock.

Xencor Stock Up 0.2 %

Xencor stock traded up $0.04 during midday trading on Thursday, reaching $26.24. The stock had a trading volume of 653,764 shares, compared to its average volume of 609,120. Xencor, Inc. has a 12 month low of $15.31 and a 12 month high of $27.24. The firm's 50-day moving average price is $22.31 and its 200 day moving average price is $20.60. The company has a current ratio of 6.23, a quick ratio of 6.23 and a debt-to-equity ratio of 0.01.

Xencor (NASDAQ:XNCR - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($0.71) earnings per share for the quarter, beating the consensus estimate of ($0.98) by $0.27. Xencor had a negative return on equity of 30.92% and a negative net margin of 232.77%. The firm had revenue of $10.70 million for the quarter, compared to analysts' expectations of $14.59 million. During the same period in the prior year, the business posted ($0.40) earnings per share. The company's revenue was down 81.9% on a year-over-year basis. On average, research analysts predict that Xencor, Inc. will post -3.71 earnings per share for the current fiscal year.

Xencor Company Profile

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.