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Xencor
(NASDAQ:XNCR)
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Rating:52Neutral
Price Target:
$25.00
▼(-12.10% Downside)
Action:Reiterated
Date:10/27/26
The score is weighed down primarily by weak financial performance—ongoing losses and significant cash burn—despite a comparatively solid balance sheet. Technicals are moderately supportive with price holding well above longer-term averages and mild positive momentum, while valuation offers limited support given a negative P/E and no dividend. Corporate events add a positive offset via pipeline progress and a sizable settlement payment that improves runway.
Positive Factors
XmAb platform
The XmAb platform provides a reusable antibody-engineering foundation across cancer and autoimmune or inflammatory programs. Its ability to enhance immune activity, half-life, and multispecific binding can support differentiated candidates and partnership opportunities over multiple development cycles.
Negative Factors
Persistent losses
Sizable net losses and deeply negative operating results show that current development spending is not yet supported by recurring earnings. Continued losses can erode the capital base and leave future financial performance dependent on successful clinical progress, partnerships, or additional funding.
Read all positive and negative factors
Positive Factors
Negative Factors
XmAb platform
The XmAb platform provides a reusable antibody-engineering foundation across cancer and autoimmune or inflammatory programs. Its ability to enhance immune activity, half-life, and multispecific binding can support differentiated candidates and partnership opportunities over multiple development cycles.
Read all positive factors
Xencor (XNCR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.23B
Dividend YieldN/A
Average Volume (3M)1.46M
Price to Earnings (P/E)―
Beta (1Y)1.17
Revenue Growth-28.56%
EPS Growth10.25%
CountryUS
Employees260
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.17
Shares Outstanding74,353,390
10 Day Avg. Volume1,320,055
30 Day Avg. Volume1,455,855
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 Cap0.42
Enterprise Value/Revenue8.91
Enterprise Value/Gross Profit20.57
Enterprise Value/Ebitda-7.56
Forecast
1Y Price Target
$40.40Price Target Upside42.05% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)-3.07
Revenue Forecast (FY)$143.22M
Xencor Business Overview & Revenue Model
Company Description
Xencor Inc., a biopharmaceutical firm headquartered in Monrovia, California, and established in 1997, operates as a clinical-stage entity. Its central mission involves the discovery and sophisticated engineering of monoclonal antibody and cytokine...
How the Company Makes Money
Xencor primarily generates revenue through collaboration and licensing arrangements tied to its XmAb antibody engineering platform and related intellectual property, rather than through product sales (as a clinical-stage company). Key revenue stre...
Xencor Earnings Call Summary
Earnings Call Date:Feb 27, 2024
(Q4-2023)
| % Change Since: |
Next Earnings Date:Nov 09, 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
66
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 104.97M | 125.58M | 110.49M | 174.62M | 164.58M | 275.11M |
| Gross Profit | 45.46M | 115.06M | -117.19M | 174.62M | -34.98M | 82.60M |
| EBITDA | -123.60M | -46.98M | -186.17M | -101.96M | -45.70M | 90.14M |
| Net Income | -163.32M | -91.92M | -232.62M | -133.13M | -55.18M | 82.63M |
Balance Sheet | ||||||
| Total Assets | 724.96M | 875.50M | 951.95M | 952.69M | 846.27M | 838.21M |
| Cash, Cash Equivalents and Short-Term Investments | 456.45M | 547.73M | 497.77M | 593.73M | 623.06M | 334.11M |
| Total Debt | 65.21M | 187.75M | 231.95M | 83.43M | 59.63M | 33.97M |
| Total Liabilities | 221.73M | 239.91M | 277.92M | 283.56M | 118.77M | 104.71M |
| Stockholders Equity | 503.23M | 635.59M | 677.61M | 668.80M | 727.50M | 733.50M |
Cash Flow | ||||||
| Free Cash Flow | -208.28M | -138.27M | -208.28M | -96.37M | -18.92M | -32.83M |
| Operating Cash Flow | -205.81M | -135.12M | -202.19M | -77.93M | 24.48M | -16.85M |
| Investing Cash Flow | 197.64M | 139.99M | -7.87M | -110.56M | -119.72M | -46.25M |
| Financing Cash Flow | 8.30M | 8.23M | 197.15M | 188.72M | 5.70M | 43.04M |
Xencor Technical Analysis
Positive
28.44
Price Trends
25.56
Positive
21.25
Positive
16.72
Positive
Market Momentum
0.76
Negative
71.02
Negative
69.43
Neutral
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 28.44 is above the 20-day moving average (MA) of 25.01, above the 50-day MA of 25.56, and above the 200-day MA of 16.72, indicating a bullish trend. The MACD of 0.76 indicates Negative momentum. The RSI at 71.02 is Negative, neither overbought nor oversold. The STOCH value of 69.43 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | $1.48B | 7.35 | 2515.23% | ― | 92.92% | ― | |
61 Neutral | $4.16B | -23.76 | -17.49% | ― | 101.28% | 2.49% | |
55 Neutral | $2.06B | -14.28 | -72.07% | ― | -69.78% | -106.07% | |
52 Neutral | $2.23B | -13.82 | -28.66% | ― | -28.56% | 10.25% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $1.41B | -10.77 | 1893.60% | 5.23% | -100.00% | 19.23% | |
44 Neutral | $503.35M | -5.13 | -38.46% | ― | -87.03% | -179.91% |
* Healthcare Sector Average
XNCR
Xencor
29.99
15.74
110.46%
CTMX
CytomX Therapeutics
2.31
-1.01
-30.42%
ANAB
AnaptysBio
49.63
25.53
105.91%
ZYME
Zymeworks
28.85
9.55
49.48%
ABCL
AbCellera Biologics
12.83
7.20
127.89%
INBX
Inhibrx Biosciences Inc
95.66
27.17
39.67%
Xencor Corporate Events
Business Operations and StrategyProduct-Related Announcements
Xencor advances XmAb819 solid-tumor T-cell engager
Positive
Oct 26, 2026
On October 25 and 26, 2026, Xencor released updated Phase 1 results for XmAb819, an ENPP3 x CD3 T‑cell engaging bispecific antibody in patients with advanced clear cell renal cell carcinoma, through a press release and an investor presentati...
Business Operations and StrategyFinancial DisclosuresLegal Proceedings
Xencor Secures Ultomiris Royalty Settlement Payment
Positive
Jul 29, 2026
On July 29, 2026, Xencor entered into a settlement agreement with Alexion Pharma International Operations to resolve a commercial dispute over U.S. royalties on Ultomiris. The agreement grants Xencor a total of $105 million, paid in two equal inst...
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.