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Xencor
(NASDAQ:XNCR)
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Rating:57Neutral
Price Target:
$28.00
▼(-1.55% Downside)
Action:Reiterated
Date:08/21/26
The score is held back primarily by weak financial performance—ongoing losses and substantial negative cash flow—despite a comparatively solid balance sheet. Technicals add support due to strong uptrend momentum, though indicators look stretched. Corporate events are a positive offset given the $105M settlement improving funding runway, while valuation remains constrained by a negative P/E and no dividend support.
Positive Factors
Conservative balance sheet
Moderate-to-low leverage and a sizable equity cushion provide financial flexibility. This strengthens Xencor’s ability to fund clinical development and absorb program setbacks without relying immediately on substantial new debt.
Negative Factors
Persistent unprofitability
Costs remain well ahead of revenue, indicating that Xencor has not yet demonstrated sustainable earnings power. Continued losses can erode equity over time and increase dependence on successful clinical or licensing outcomes.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Moderate-to-low leverage and a sizable equity cushion provide financial flexibility. This strengthens Xencor’s ability to fund clinical development and absorb program setbacks without relying immediately on substantial new debt.
Read all positive factors
Xencor (XNCR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.98B
Dividend YieldN/A
Average Volume (3M)1.27M
Price to Earnings (P/E)―
Beta (1Y)1.41
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. Volume1,471,510
30 Day Avg. Volume1,266,216
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$31.00Price Target Upside9.00% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)-3.04
Revenue Forecast (FY)$143.94M
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 makes money primarily through collaboration and licensing arrangements in which it provides access to its antibody engineering technologies and/or specific drug candidates to partners. Under these agreements, revenue is typically generated ...
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
21.06
Positive
16.69
Positive
15.14
Positive
Market Momentum
1.87
Positive
58.92
Neutral
20.99
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 26.05, above the 50-day MA of 21.06, and above the 200-day MA of 15.14, indicating a bullish trend. The MACD of 1.87 indicates Positive momentum. The RSI at 58.92 is Neutral, neither overbought nor oversold. The STOCH value of 20.99 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 |
|---|---|---|---|---|---|---|---|
58 Neutral | $1.68B | -65.29 | 442.91% | ― | 107.73% | 82.33% | |
57 Neutral | $1.98B | -12.26 | -28.66% | ― | -28.56% | 10.25% | |
56 Neutral | $3.70B | -21.17 | -17.49% | ― | 101.28% | 2.49% | |
54 Neutral | $1.78B | -13.65 | 1893.60% | 5.23% | -100.00% | 19.23% | |
52 Neutral | $2.09B | -14.45 | -72.07% | ― | -69.78% | -106.07% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $808.41M | -8.24 | -38.46% | ― | -87.03% | -179.91% |
* Healthcare Sector Average
XNCR
Xencor
26.61
18.20
216.41%
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Xencor Corporate Events
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...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Xencor Shareholders Approve Directors, Incentive Plan Amendments
Positive
Jun 18, 2026
At its June 16, 2026 annual meeting, Xencor, Inc. reported robust shareholder participation, with approximately 86.26% of outstanding common shares represented, and stockholders elected nine directors to serve until the 2027 meeting. Investors als...
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.