Xencor Inc (XNCR)
NASDAQ:XNCR
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Xencor
(NASDAQ:XNCR)
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Rating:43Neutral
Price Target:
$11.50
▼(-10.23% Downside)
Action:ReiteratedDate:03/10/26
The score is driven primarily by weak financial performance (sharp revenue decline to $0 in 2025, heavy losses, and ongoing cash burn). Technicals also remain bearish with negative momentum and price below key moving averages. Valuation is constrained by losses (negative P/E), and recent corporate events add uncertainty via collaboration and royalty headwinds, partially offset by stated liquidity runway.
Positive Factors
Balance-sheet strength
Low leverage and a sizable equity/cash asset base provide durable financial flexibility across the next 2–6 months. This supports continued R&D spend, funds operations without immediate dilution, and reduces near-term refinancing pressure versus peers with weaker balance sheets.
Negative Factors
Revenue and profitability deterioration
A collapse to reported $0 revenue and sustained large losses materially weaken the company's ability to self-fund development. Over the next several months this undermines margin recovery prospects and elevates execution risk absent material new contract or milestone receipts.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
Low leverage and a sizable equity/cash asset base provide durable financial flexibility across the next 2–6 months. This supports continued R&D spend, funds operations without immediate dilution, and reduces near-term refinancing pressure versus peers with weaker balance sheets.
Read all positive factors
Xencor (XNCR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$939.47M
Dividend YieldN/A
Average Volume (3M)935.75K
Price to Earnings (P/E)―
Beta (1Y)1.76
Revenue Growth38.16%
EPS Growth48.43%
CountryUS
Employees250
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.09
Shares Outstanding73,338,640
10 Day Avg. Volume1,131,354
30 Day Avg. Volume935,746
Financial Highlights & Ratios
PEG Ratio0.19
Price to Book (P/B)1.79
Price to Sales (P/S)9.05
P/FCF Ratio-8.22
Enterprise Value/Market Cap1.14
Enterprise Value/Revenue8.55
Enterprise Value/Gross Profit9.12
Enterprise Value/Ebitda-22.74
Forecast
1Y Price Target
$24.72Price Target Upside92.97% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)-2.88
Revenue Forecast (FY)$120.68M
Xencor Business Overview & Revenue Model
Company Description
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 t...
How the Company Makes Money
Xencor generates revenue primarily through partnerships and collaborations with other pharmaceutical companies, whereby it licenses its proprietary XmAb technology for the development of new therapeutics. These partnerships often involve upfront p...
Xencor Earnings Call Summary
Earnings Call Date:Feb 27, 2024
(Q4-2023)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The earnings call presented a positive outlook with significant pipeline progress and a strong financial position. However, safety concerns with vudalimab and a strategic pause on XmAb564 development were noted.Positive Updates
Strong Financial Position
Xencor ended 2023 with $697 million, providing runway into 2027 due to robust milestone and royalty revenues.
Negative Updates
Safety Concerns with Vudalimab
One case of Grade 5 immune-related hepatitis was reported, raising safety considerations for the treatment.
Read all updates
Q4-2023 Updates
Positive
Negative
Strong Financial Position
Xencor ended 2023 with $697 million, providing runway into 2027 due to robust milestone and royalty revenues.
Read all positive updates
Company Guidance
During Xencor's fourth-quarter 2023 earnings call, the company provided comprehensive guidance on its clinical pipeline and financial outlook. They highlighted a significant focus on the development of bispecific T-cell engagers for solid tumors, including XmAb819 and XmAb808, with ongoing Phase I studies in renal cell carcinoma and prostate cancer, respectively. Vudalimab, a key candidate, showed promising monotherapy results in heavily pre-treated metastatic castrate-resistant prostate cancer patients, with a RECIST response rate of 35% and a PSA90 rate of 25%. Financially, Xencor bolstered its balance sheet through the partial monetization of Ultomiris and Monjuvi royalties, ending 2023 with $697 million, ensuring operational runway until 2027. The company's 2024 priorities include advancing its solid tumor bispecific programs and selecting the next IND candidate, while maintaining a strategic focus on T-cell engager discovery and development.Xencor Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
70
Positive
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 125.58M | 110.49M | 174.62M | 164.58M | 275.11M |
| Gross Profit | 115.06M | 110.49M | 174.62M | 164.58M | 275.11M |
| EBITDA | -46.98M | -186.17M | -101.96M | -45.70M | 90.14M |
| Net Income | -91.92M | -232.62M | -133.13M | -55.18M | 82.63M |
Balance Sheet | |||||
| Total Assets | 875.50M | 951.95M | 952.69M | 846.27M | 838.21M |
| Cash, Cash Equivalents and Short-Term Investments | 547.73M | 497.77M | 593.73M | 623.06M | 334.11M |
| Total Debt | 187.75M | 231.95M | 83.43M | 59.63M | 33.97M |
| Total Liabilities | 239.91M | 277.92M | 283.56M | 118.77M | 104.71M |
| Stockholders Equity | 635.59M | 677.61M | 668.80M | 727.50M | 733.50M |
Cash Flow | |||||
| Free Cash Flow | -138.27M | -208.28M | -96.37M | -18.92M | -32.83M |
| Operating Cash Flow | -135.12M | -202.19M | -77.93M | 24.48M | -16.85M |
| Investing Cash Flow | 139.99M | -7.87M | -110.56M | -119.72M | -46.25M |
| Financing Cash Flow | 8.23M | 197.15M | 188.72M | 5.70M | 43.04M |
Xencor Technical Analysis
Positive
12.81
Price Trends
12.04
Positive
13.74
Negative
11.84
Positive
Market Momentum
0.03
Negative
57.39
Neutral
80.91
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XNCR, the sentiment is Positive. The current price of 12.81 is above the 20-day moving average (MA) of 11.96, above the 50-day MA of 12.04, and above the 200-day MA of 11.84, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 57.39 is Neutral, neither overbought nor oversold. The STOCH value of 80.91 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for XNCR.
Xencor Risk Analysis
Xencor disclosed 56 risk factors in its most recent earnings report. Xencor reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Xencor Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $4.55B | -9.59 | ― | ― | -42.64% | -39.78% | |
61 Neutral | $1.94B | -273.00 | -2.05% | ― | 1128.17% | ― | |
56 Neutral | $2.24B | -5.25 | -43.17% | ― | -16.50% | 33.02% | |
53 Neutral | $758.35M | -3.30 | -51.07% | ― | -30.56% | 48.79% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $375.26M | -1.84 | -99.00% | ― | 407.86% | 30.35% | |
43 Neutral | $939.47M | -12.36 | -14.58% | ― | 38.16% | 48.43% |
* Healthcare Sector Average
XNCR
Xencor
12.81
4.12
47.41%
DNTH
Dianthus Therapeutics
86.00
69.88
433.50%
AUTL
Autolus Therapeutics
1.41
0.08
6.02%
STOK
Stoke Therapeutics
32.74
26.80
451.18%
RLAY
Relay Therapeutics
12.54
10.54
527.00%
MRVI
Maravai Lifesciences Holdings
2.95
1.01
52.06%
Xencor Corporate Events
Business Operations and Strategy
Xencor, Genentech to End Protein Therapeutics Collaboration
Negative
Mar 9, 2026
Xencor, Inc., a biopharmaceutical developer of engineered protein therapeutics, has relied on collaborations with major pharma companies to advance candidates such as cytokine-Fc fusion proteins. Its business model emphasizes partnering for late-s...
Business Operations and StrategyFinancial DisclosuresLegal Proceedings
Xencor Updates Outlook Amid Ultomiris Royalty Dispute
Negative
Mar 4, 2026
On March 2, 2026, Alexion Pharmaceuticals, Inc., licensee of Xencor’s XmAb Fc technology for Ultomiris, told Xencor it would no longer pay royalties on U.S. sales of the drug, while continuing to pay royalties on sales outside the United Sta...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.