Xencor Inc. (XNCR)
NASDAQ:XNCR
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Xencor
(NASDAQ:XNCR)
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Rating:47Neutral
Price Target:
$10.50
▼(-19.60% Downside)
Action:Reiterated
Date:05/09/26
The score is weighed down primarily by weak financial performance (shrinking revenue, large losses, and heavy negative free cash flow). Technicals are relatively stable and provide some support, but valuation is challenged by ongoing losses, and corporate events are mixed due to pipeline progress being offset by collaboration/royalty headwinds.
Positive Factors
Proprietary antibody engineering platforms
Xencor’s XmAb and Xtend Fc engineering platforms establish a durable technical moat by enabling tailored potency, extended half-life and subcutaneous dosing. These core capabilities raise the probability of differentiated clinical outcomes, foster partner interest and support repeatable drug-design advantages across programs and indications.
Negative Factors
Declining revenue and cash burn
A sustained ~22.5% TTM revenue decline combined with significant negative operating and free cash flow signals persistent funding pressure. Reliance on lumpy collaboration income plus continued cash burn increases the probability of future financing, which could dilute equity or constrain R&D pacing if milestone receipts do not materialize.
Read all positive and negative factors
Positive Factors
Negative Factors
Proprietary antibody engineering platforms
Xencor’s XmAb and Xtend Fc engineering platforms establish a durable technical moat by enabling tailored potency, extended half-life and subcutaneous dosing. These core capabilities raise the probability of differentiated clinical outcomes, foster partner interest and support repeatable drug-design advantages across programs and indications.
Read all positive factors
Xencor (XNCR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$820.01M
Dividend YieldN/A
Average Volume (3M)779.35K
Price to Earnings (P/E)―
Beta (1Y)1.63
Revenue Growth-23.48%
EPS Growth25.73%
CountryUS
Employees250
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.29
Shares Outstanding74,141,594
10 Day Avg. Volume841,082
30 Day Avg. Volume779,350
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 Cap1.22
Enterprise Value/Revenue10.27
Enterprise Value/Gross Profit11.17
Enterprise Value/Ebitda-11.69
Forecast
1Y Price Target
$26.00Price Target Upside99.08% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)-3.69
Revenue Forecast (FY)$77.44M
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 primarily makes money through (1) collaboration and licensing arrangements and (2) to a more limited extent, other operating income typical of development-stage biotech companies; it does not rely on sustained product sales because it is a ...
Xencor Earnings Call Summary
Earnings Call Date:Feb 27, 2024
(Q4-2023)
| % Change Since: |
Next Earnings Date:Aug 05, 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
28
Negative
Balance Sheet
64
Positive
Cash Flow
31
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 97.36M | 125.58M | 110.49M | 174.62M | 164.58M | 275.11M |
| Gross Profit | 89.56M | 115.06M | 110.49M | 174.62M | 164.58M | 275.11M |
| EBITDA | -85.58M | -46.98M | -186.17M | -101.96M | -45.70M | 90.14M |
| Net Income | -172.42M | -91.92M | -232.62M | -133.13M | -55.18M | 82.63M |
Balance Sheet | ||||||
| Total Assets | 736.85M | 875.50M | 951.95M | 952.69M | 846.27M | 838.21M |
| Cash, Cash Equivalents and Short-Term Investments | 444.95M | 547.73M | 497.77M | 593.73M | 623.06M | 334.11M |
| Total Debt | 175.16M | 187.75M | 231.95M | 83.43M | 59.63M | 33.97M |
| Total Liabilities | 221.21M | 239.91M | 277.92M | 283.56M | 118.77M | 104.71M |
| Stockholders Equity | 515.63M | 635.59M | 677.61M | 668.80M | 727.50M | 733.50M |
Cash Flow | ||||||
| Free Cash Flow | -188.84M | -138.27M | -208.28M | -96.37M | -18.92M | -32.83M |
| Operating Cash Flow | -186.53M | -135.12M | -202.19M | -77.93M | 24.48M | -16.85M |
| Investing Cash Flow | 152.99M | 139.99M | -7.87M | -110.56M | -119.72M | -46.25M |
| Financing Cash Flow | 7.93M | 8.23M | 197.15M | 188.72M | 5.70M | 43.04M |
Xencor Technical Analysis
Negative
13.06
Price Trends
12.25
Negative
12.55
Negative
12.44
Negative
Market Momentum
-0.31
Positive
33.30
Neutral
5.83
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XNCR, the sentiment is Negative. The current price of 13.06 is above the 20-day moving average (MA) of 12.32, above the 50-day MA of 12.25, and above the 200-day MA of 12.44, indicating a bearish trend. The MACD of -0.31 indicates Positive momentum. The RSI at 33.30 is Neutral, neither overbought nor oversold. The STOCH value of 5.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
59 Neutral | $4.57B | -24.68 | -1.78% | ― | -79.52% | -43.40% | |
57 Neutral | $479.08M | -1.28 | -128.53% | ― | 928.46% | -21.39% | |
55 Neutral | $1.05B | -27.75 | -44.72% | ― | -15.35% | 37.09% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $2.32B | -6.10 | -43.94% | ― | 39.04% | 29.88% | |
49 Neutral | $1.81B | -10.27 | -48.84% | ― | -83.20% | -439.48% | |
47 Neutral | $820.01M | -1.76 | -28.77% | ― | -23.48% | 25.73% |
* Healthcare Sector Average
XNCR
Xencor
11.32
3.80
50.53%
DNTH
Dianthus Therapeutics
88.72
69.97
373.17%
AUTL
Autolus Therapeutics
1.62
0.15
10.20%
STOK
Stoke Therapeutics
30.30
20.82
219.57%
RLAY
Relay Therapeutics
13.02
10.16
355.24%
MRVI
Maravai Lifesciences Holdings
4.43
2.18
96.89%
Xencor Corporate Events
Business Operations and StrategyProduct-Related Announcements
Xencor Highlights TL1A Autoimmune Portfolio and IBD Strategy
Positive
May 5, 2026
On May 5, 2026, Xencor held a conference call to discuss data on its TL1A-focused autoimmune portfolio, highlighting final Phase 1 results for XmAb942 in healthy participants and preclinical characterization of bispecific candidate XmAb412 present...
Business Operations and StrategyExecutive/Board Changes
Xencor Adopts Executive Severance Policy to Support Retention
Positive
Apr 27, 2026
On April 23, 2026, Xencor, Inc. adopted an Executive Severance Policy covering certain senior executives, including its named executive officers other than the chief executive. The policy provides that, if an eligible executive signs a participati...
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.