Xencor (XNCR)
Market Price (5/20/2026): $10.55 | Market Cap: $793.9 MilSector: Health Care | Industry: Biotechnology
Xencor (XNCR)
Market Price (5/20/2026): $10.55Market Cap: $793.9 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -34% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -89%, 3Y Excs Rtn is -139% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -212 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -218% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -23%, Rev Chg QQuarterly Revenue Change % is -86% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 42% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -192%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -194% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -26% Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 15.62 Key risksXNCR key risks include [1] a recent financial restatement due to material accounting errors and [2] an identified material weakness in its internal control over financial reporting. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -34% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -89%, 3Y Excs Rtn is -139% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -212 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -218% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -23%, Rev Chg QQuarterly Revenue Change % is -86% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 42% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -192%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -194% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -26% |
| Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 15.62 |
| Key risksXNCR key risks include [1] a recent financial restatement due to material accounting errors and [2] an identified material weakness in its internal control over financial reporting. |
Qualitative Assessment
AI Analysis | Feedback
Xencor (XNCR) stock has lost about 15% since 1/31/2026 because of the following key factors:
1. Xencor reported significantly disappointing first-quarter 2026 financial results, with revenue of $4.5 million, dramatically missing analyst estimates ranging from $18.3 million to $27.86 million. This represented an 86% year-over-year decline from $32.7 million in Q1 2025. The company also posted a net loss of $128.9 million, or $(1.71) per share, substantially wider than analysts' consensus estimates of a loss between $(0.65) and $(0.75) per share.
2. A major contributor to the revenue decline was a $6.6 million reduction in royalties due to a dispute with Alexion over U.S. sales of Ultomiris. The non-cash Ultomiris royalty revenue fell to $1.5 million in Q1 2026, compared to $15.5 million in the same period of the previous year, with Alexion's decision to cease U.S. royalty payments adding significant revenue uncertainty.
Show more
1. Xencor reported significantly disappointing first-quarter 2026 financial results, with revenue of $4.5 million, dramatically missing analyst estimates ranging from $18.3 million to $27.86 million. This represented an 86% year-over-year decline from $32.7 million in Q1 2025. The company also posted a net loss of $128.9 million, or $(1.71) per share, substantially wider than analysts' consensus estimates of a loss between $(0.65) and $(0.75) per share.
2. A major contributor to the revenue decline was a $6.6 million reduction in royalties due to a dispute with Alexion over U.S. sales of Ultomiris. The non-cash Ultomiris royalty revenue fell to $1.5 million in Q1 2026, compared to $15.5 million in the same period of the previous year, with Alexion's decision to cease U.S. royalty payments adding significant revenue uncertainty.
Show more
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The -13.9% change in XNCR stock from 1/31/2026 to 5/19/2026 was primarily driven by a -35.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.09 | 10.41 | -13.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 150 | 97 | -35.2% |
| P/S Multiple | 6.0 | 8.0 | 34.3% |
| Shares Outstanding (Mil) | 74 | 75 | -1.1% |
| Cumulative Contribution | -13.9% |
Market Drivers
1/31/2026 to 5/19/2026| Return | Correlation | |
|---|---|---|
| XNCR | -13.9% | |
| Market (SPY) | 6.3% | 41.4% |
| Sector (XLV) | -4.4% | 24.0% |
Fundamental Drivers
The -29.2% change in XNCR stock from 10/31/2025 to 5/19/2026 was primarily driven by a -33.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.71 | 10.41 | -29.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 147 | 97 | -33.7% |
| P/S Multiple | 7.4 | 8.0 | 8.2% |
| Shares Outstanding (Mil) | 74 | 75 | -1.3% |
| Cumulative Contribution | -29.2% |
Market Drivers
10/31/2025 to 5/19/2026| Return | Correlation | |
|---|---|---|
| XNCR | -29.2% | |
| Market (SPY) | 8.2% | 32.7% |
| Sector (XLV) | 3.0% | 29.8% |
Fundamental Drivers
The -5.5% change in XNCR stock from 4/30/2025 to 5/19/2026 was primarily driven by a -11.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.02 | 10.41 | -5.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 110 | 97 | -11.9% |
| P/S Multiple | 7.3 | 8.0 | 10.2% |
| Shares Outstanding (Mil) | 73 | 75 | -2.7% |
| Cumulative Contribution | -5.5% |
Market Drivers
4/30/2025 to 5/19/2026| Return | Correlation | |
|---|---|---|
| XNCR | -5.5% | |
| Market (SPY) | 33.8% | 36.3% |
| Sector (XLV) | 6.7% | 33.5% |
Fundamental Drivers
The -60.6% change in XNCR stock from 4/30/2023 to 5/19/2026 was primarily driven by a -40.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.44 | 10.41 | -60.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 165 | 97 | -40.8% |
| P/S Multiple | 9.6 | 8.0 | -16.4% |
| Shares Outstanding (Mil) | 60 | 75 | -20.4% |
| Cumulative Contribution | -60.6% |
Market Drivers
4/30/2023 to 5/19/2026| Return | Correlation | |
|---|---|---|
| XNCR | -60.6% | |
| Market (SPY) | 83.3% | 36.4% |
| Sector (XLV) | 16.0% | 34.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| XNCR Return | -8% | -35% | -18% | 8% | -33% | -28% | -75% |
| Peers Return | -18% | -32% | 40% | -23% | 2% | 25% | -22% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| XNCR Win Rate | 42% | 33% | 33% | 50% | 42% | 20% | |
| Peers Win Rate | 36% | 48% | 52% | 48% | 45% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| XNCR Max Drawdown | -43% | -53% | -55% | -41% | -71% | -29% | |
| Peers Max Drawdown | -43% | -57% | -35% | -54% | -47% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: REGN, AMGN, ZYME, MGNX, HOWL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/19/2026 (YTD)
How Low Can It Go
| Event | XNCR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -53.6% | -18.8% |
| % Gain to Breakeven | 115.4% | 23.1% |
| Time to Breakeven | 187 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.8% | -7.8% |
| % Gain to Breakeven | 18.8% | 8.5% |
| Time to Breakeven | 33 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.9% | -9.5% |
| % Gain to Breakeven | 44.7% | 10.5% |
| Time to Breakeven | 99 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.5% | -33.7% |
| % Gain to Breakeven | 71.0% | 50.9% |
| Time to Breakeven | 126 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.2% | -19.2% |
| % Gain to Breakeven | 17.9% | 23.8% |
| Time to Breakeven | 183 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -26.4% | -3.7% |
| % Gain to Breakeven | 35.8% | 3.9% |
| Time to Breakeven | 11 days | 6 days |
In The Past
Xencor's stock fell -53.6% during the 2025 US Tariff Shock. Such a loss loss requires a 115.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | XNCR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -53.6% | -18.8% |
| % Gain to Breakeven | 115.4% | 23.1% |
| Time to Breakeven | 187 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.9% | -9.5% |
| % Gain to Breakeven | 44.7% | 10.5% |
| Time to Breakeven | 99 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.5% | -33.7% |
| % Gain to Breakeven | 71.0% | 50.9% |
| Time to Breakeven | 126 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -26.4% | -3.7% |
| % Gain to Breakeven | 35.8% | 3.9% |
| Time to Breakeven | 11 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -47.2% | -12.2% |
| % Gain to Breakeven | 89.3% | 13.9% |
| Time to Breakeven | 175 days | 62 days |
In The Past
Xencor's stock fell -53.6% during the 2025 US Tariff Shock. Such a loss loss requires a 115.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Xencor (XNCR)
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. Its product candidates include Plamotamab, a tumor-targeted antibody, which is in Phase I clinical trial to treat non-Hodgkin lymphoma; Vudalimab, a bispecific antibody, which is in Phase II clinical trial to treat metastatic castration-resistant prostate cancer and other solid tumor types; and Tidutamab that is in Phase II clinical trial to treat neuroendocrine tumors. The company is also developing XmAb306, which is in Phase I clinical trial to treat solid tumors; XmAb104 and XmAb841, which are in Phase I clinical trial to treat patients with selected solid tumors; XmAb564 that is in Phase I clinical trial to treat autoimmune diseases; AMG 509, which is in Phase I clinical trial to treat prostate cancer; XmAb819 for patients with renal cell carcinoma; and Novartis XmAb. In addition, it is developing VIR-3434, which is in Phase II clinical trial for patients with hepatitis B virus infection; VIR-2482 that is in Phase 1/2 clinical trial to trat influenza A; VIR-7832, which is in Phase 1b/2a trial to treat mild-to-moderate COVID-19; and BMS-986414 + BMS-986413 is in Phase 2/3 NIH ACTIV-2 trial in treating COVID-19. Further, the company is developing AIMab7195 to reduce blood serum levels of IgE that mediates allergic responses and allergic disease; Obexelimab to treat autoimmune disease; and Xpro1595 to treat patients with Alzheimer's disease, mild cognitive impairment, and depression. Xencor, Inc. was incorporated in 1997 and is headquartered in Monrovia, California.
AI Analysis | Feedback
Here are 1-2 brief analogies to describe Xencor:
- Xencor is like a Moderna for engineered antibody drugs, developing innovative therapeutics using its proprietary platform and collaborating with larger pharma companies.
- Xencor is like an early-stage Regeneron Pharmaceuticals, intensely focused on discovering and developing a broad pipeline of innovative antibody drugs, often leveraging partnerships for commercialization.
AI Analysis | Feedback
- Sotrovimab: An engineered monoclonal antibody therapy targeting the SARS-CoV-2 virus.
- Ultomiris: A treatment used for patients with paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome.
- Monjuvi: A therapeutic drug for patients with relapsed or refractory diffuse large B-cell lymphoma.
AI Analysis | Feedback
Xencor (symbol: XNCR) primarily sells its engineered monoclonal antibody and cytokine therapeutics and associated technology to other pharmaceutical and biotechnology companies through licensing agreements and collaborations. Its revenue is largely derived from milestone payments and royalties from these partnerships. Its major customers include:- Vir Biotechnology, Inc. (symbol: VIR) - For products like Sotrovimab, VIR-3434, VIR-2482, and VIR-7832.
- AstraZeneca PLC (symbol: AZN) / Alexion Pharmaceuticals - For Ultomiris.
- MorphoSys AG (symbol: MOR) - For Monjuvi.
- Incyte Corporation (symbol: INCY) - For Monjuvi (as a co-developer with MorphoSys).
- Amgen Inc. (symbol: AMGN) - For product candidates such as AMG 509 and AIMab7195 (tezepelumab).
- Novartis AG (symbol: NVS) - For product candidates described as "Novartis XmAb".
- Bristol Myers Squibb Company (symbol: BMY) - For product candidates like BMS-986414 + BMS-986413.
- GlaxoSmithKline PLC (symbol: GSK) - As a partner in the development and commercialization of Sotrovimab.
AI Analysis | Feedback
nullAI Analysis | Feedback
```htmlBassil I. Dahiyat, Ph.D. President & Chief Executive Officer, Director
Dr. Dahiyat is a co-founder of Xencor, established in August 1997, and has served as its President and Chief Executive Officer since February 2005, and as a board member since August 1997. He previously served as Chief Executive Officer from 1997 to 2003 and as Chief Scientific Officer from 2003 to 2005. He is also a co-inventor of Xencor's XmAb® technology. Dr. Dahiyat co-founded Xencor as a spinout of his PhD work at Caltech, and the initial funding for the company came from private family investors. He holds a Ph.D. in chemistry from Caltech and B.S. and MSE degrees in biomedical engineering from Johns Hopkins University. He currently serves on the board of directors of Kodiak Sciences Inc.
Bart Cornelissen Senior Vice President & Chief Financial Officer
Mr. Cornelissen was appointed as Senior Vice President and Chief Financial Officer of Xencor in April 2024. Before joining Xencor, he was most recently Vice President, Corporate Finance at Seagen Inc., where he was instrumental in the company's transformation and supported its $43 billion acquisition by Pfizer in 2023. Prior to Seagen, he served as Vice President, Finance for the END Fund and as finance lead for malaria and neglected tropical disease initiatives at the Bill & Melinda Gates Foundation. His earlier career included leadership roles in finance teams at DSM Nutritional Products (a former division of Roche) and global financial planning and analysis at Novartis. Mr. Cornelissen earned his M.Sc. in Business Administration from the Rotterdam School of Management at Erasmus University.
John R. Desjarlais, Ph.D. Executive Vice President, Research & Chief Scientific Officer
Dr. Desjarlais oversees all aspects of discovery and research at Xencor, including technology development, protein and antibody engineering, and the generation of drug candidates. He joined Xencor in 2001 and has held the position of Chief Scientific Officer since 2014. Before his tenure at Xencor, Dr. Desjarlais was an Assistant Professor of Chemistry at Penn State University and conducted postdoctoral research at the University of California, Berkeley. He holds a B.S. in physics from the University of Massachusetts and a Ph.D. in biophysics from Johns Hopkins University.
Celia Eckert, J.D. Senior Vice President, General Counsel & Corporate Secretary
Ms. Eckert joined Xencor in September 2019 as Vice President, General Counsel and Corporate Secretary. Her prior experience includes serving as Vice President, Corporate Legal at Synthetic Genomics, Inc., where she negotiated licensing and financial transactions. She also held positions as Associate General Counsel at Sequenom, Inc. and Senior Director, Legal Affairs at Prometheus Laboratories, Inc., where she managed patent litigation and supported commercial growth.
Dane Leone Executive Vice President & Chief Strategy Officer
Dane Leone serves as Executive Vice President & Chief Strategy Officer at Xencor.
AI Analysis | Feedback
Here are the key risks to Xencor's business:- Clinical Trial Failure and Regulatory Approval Risk: As a clinical-stage biopharmaceutical company, Xencor's business success is heavily dependent on its ability to successfully discover, develop, and commercialize drug candidates. A significant portion of its pipeline consists of product candidates in various phases of clinical trials, ranging from Phase I to Phase II/III. The drug development process is inherently lengthy, costly, and uncertain, with a high rate of failure at every stage due to issues such as lack of efficacy, adverse safety profiles, or manufacturing challenges. For example, a study indicated that only a small percentage of developmental candidates reach Phase 2, and an even smaller percentage progress to Phase 3. Any setbacks or failures in these clinical trials, or the inability to obtain necessary regulatory approvals, could significantly harm Xencor's financial condition and future prospects.
- Reliance on Collaborations and Partnerships: Xencor engages in numerous collaborations for the development and commercialization of several of its product candidates, including Sotrovimab, Ultomiris, Monjuvi, AMG 509, Novartis XmAb, VIR-3434, VIR-2482, VIR-7832, and BMS-986414 + BMS-986413. The success and revenue generation from these programs are significantly influenced by the continued commitment, resources, and strategic decisions of its partners. A recent example of this risk is the dispute with Alexion Pharmaceuticals regarding royalty payments for Ultomiris sales in the United States, where Alexion has indicated it does not plan to make further payments. The termination or adverse modification of these collaboration agreements, or the partners' failure to adequately perform their obligations, could materially impact Xencor's pipeline advancement, financial performance, and overall business strategy.
AI Analysis | Feedback
null
AI Analysis | Feedback
Xencor (NASDAQ: XNCR) operates in significant addressable markets across its portfolio of approved products and clinical-stage candidates.
Approved Products
- Sotrovimab (SARS-CoV-2/COVID-19): The global COVID-19 therapeutics market was valued at US$ 30.7 billion in 2021. It is projected to contract to more than US$ 16.2 billion by the end of 2031. Another estimate valued the global COVID-19 therapeutics market at approximately USD 9.36 billion in 2024.
- Ultomiris (Paroxysmal Nocturnal Hemoglobinuria (PNH) and Atypical Hemolytic Uremic Syndrome (aHUS)):
- Paroxysmal Nocturnal Hemoglobinuria (PNH): The global PNH treatment market size was estimated at USD 5.75 billion in 2024 and is projected to reach USD 9.96 billion by 2030. Other sources estimate the global PNH drug market size at approximately USD 4.45 billion in 2024, predicted to grow to around USD 14.76 billion by 2034.
- Atypical Hemolytic Uremic Syndrome (aHUS): The global atypical hemolytic uremic syndrome (aHUS) treatment market was valued at US$ 1,431 million in 2023 and is expected to reach US$ 2,308.84 million by 2033. The market size in the 7MM (United States, EU4, UK, and Japan) was around USD 1,300 million in 2023.
- Monjuvi (Relapsed or Refractory Diffuse Large B-cell Lymphoma (DLBCL)): The global Diffuse Large B-cell Lymphoma (DLBCL) therapeutics market reached a value of USD 3,907.8 million in 2023 and is expected to reach USD 5,257.7 million by 2034. Another report valued the global DLBCL therapeutics market at USD 4.02 billion in 2024, projected to reach USD 6.36 billion by 2030. The market size in the 7MM is expected to grow from USD 5,286 million in 2025 to USD 16,562 million in 2034.
Main Product Candidates in Clinical Trials
- Plamotamab (Non-Hodgkin Lymphoma): The global Non-Hodgkin Lymphoma therapeutics market was valued at USD 9.5 billion in 2023 and is estimated to grow to USD 17.5 billion by 2032. Another source indicates the global market size was USD 4.0 billion in 2023, expected to reach USD 7.4 billion by 2034. The global non-Hodgkin's lymphoma therapeutics market is accounted at USD 10.99 billion in 2025 and is predicted to reach approximately USD 20.94 billion by 2034.
- Vudalimab (Metastatic Castration-Resistant Prostate Cancer (mCRPC)): The global metastatic castration-resistant prostate cancer therapeutics market size was valued at USD 21.04 billion in 2025 and is projected to grow to USD 91.85 billion by 2034. The market was valued at USD 11.1 billion in 2023 and is expected to reach USD 22.4 billion by 2032. The total mCRPC market size across the seven major markets (7MM) was estimated at nearly USD 6.8 billion in 2023.
- Tidutamab (Neuroendocrine Tumors): The global neuroendocrine tumor treatment market was estimated at USD 2.66 billion in 2024 and is projected to grow to USD 4.89 billion by 2034. Other estimates place the global neuroendocrine tumor (NET) treatment market at USD 4.3 billion in 2024, anticipated to grow to USD 7.14 billion by 2030.
- VIR-3434 (Hepatitis B Virus Infection): The global hepatitis B infection market is expected to reach USD 19.16 billion by 2032 from USD 12.72 billion in 2024. Another report states the global hepatitis B market is accounted at USD 4.94 billion in 2025 and predicted to increase to approximately USD 6.86 billion by 2035.
- Xpro1595 (Alzheimer's Disease): The Alzheimer's disease market is estimated to grow from USD 11.3 billion in 2024 to reach USD 12.4 billion in 2025 and USD 29.4 billion by 2035. The Alzheimer's disease market in the 7MM is valued at approximately USD 5,048 million in 2025 and is projected to grow to USD 34,335 million in 2034.
AI Analysis | Feedback
Xencor, Inc. (XNCR) anticipates several key drivers for future revenue growth over the next two to three years, primarily stemming from the advancement of its clinical-stage pipeline and existing royalty agreements.
- Advancement of XmAb819 in Oncology: XmAb819, a novel T-cell engaging bispecific antibody targeting ENPP3 in clear cell renal cell carcinoma (ccRCC), is a lead oncology candidate. The company plans to present additional clinical data from its dose-expansion study in the second half of 2026 and intends to initiate a pivotal study in 2027. Positive outcomes and progression into later-stage development are expected to be significant revenue drivers through potential milestone payments and eventual commercialization.
- Progression of XmAb541 in Solid Tumors: XmAb541, a CLDN6 x CD3 bispecific antibody, has shown early positive responses in patients with ovarian cancer and germ cell tumors in a Phase 1 study. Xencor expects to present new clinical data in the second half of 2026 to support a recommended Phase 3 dose and plans to initiate a pivotal study in 2027. Successful advancement of this program represents another significant oncology-focused revenue opportunity.
- Development of XmAb942 for Autoimmune Diseases: Xencor is advancing XmAb942, a long-acting TL1A antibody, for inflammatory bowel disease, with a Phase 2b study currently underway for ulcerative colitis. Successful clinical development and potential commercialization of XmAb942 could open a new revenue stream in the autoimmune disease market. Public data disclosure for a related bispecific IL-23/P19 TL1A program is also planned for late 2026, further highlighting potential in this area.
- Continued Royalty Revenue from Ultomiris®: Xencor currently receives low-single digit royalties on net sales of Ultomiris (ravulizumab-cwvz) in the United States. This royalty income is based on Xencor's licensed Xtend Fc domain and is expected to continue into December 2028, providing a stable, ongoing revenue contribution.
AI Analysis | Feedback
Capital Expenditures
- Xencor's capital expenditures were -$3.15 million in the last 12 months (as of March 2, 2026).
- The company's capital expenditures were -$6 million for the fiscal year ending December 31, 2024, representing a 66.95% decrease year-over-year.
- Capital expenditures were -$18 million in 2023 and -$38 million in 2022.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Xencor Earnings Notes | 12/16/2025 | |
| With Xencor Stock Sliding, Have You Assessed The Risk? | 10/17/2025 | |
| Xencor (XNCR) Net Income Comparison | 08/09/2025 | |
| Xencor (XNCR) EBITDA Comparison | 08/09/2025 | |
| Xencor (XNCR) Debt Comparison | 08/09/2025 | |
| Xencor (XNCR) Operating Cash Flow Comparison | 08/09/2025 | |
| Xencor (XNCR) Tax Expense Comparison | 08/09/2025 | |
| Xencor (XNCR) Revenue Comparison | 08/09/2025 | |
| Xencor (XNCR) Operating Income Comparison | 08/09/2025 | |
| Why Xencor Stock Moved: XNCR Stock Has Lost 61% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Revenues | 08/08/2025 | |
| ARTICLES | ||
| Stocks Trading At 52-Week Low | 08/09/2025 |
Trade Ideas
Select ideas related to XNCR.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEHC | GE HealthCare Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | IQV | IQVIA | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | UHS | Universal Health Services | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 17.41 |
| Mkt Cap | 1.3 |
| Rev LTM | 127 |
| Op Inc LTM | -60 |
| FCF LTM | -62 |
| FCF 3Y Avg | -64 |
| CFO LTM | -61 |
| CFO 3Y Avg | -62 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -5.5% |
| Rev Chg 3Y Avg | 7.5% |
| Rev Chg Q | 5.8% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | 11.2% |
| Op Inc Chg 3Y Avg | -7.3% |
| Op Mgn LTM | -40.5% |
| Op Mgn 3Y Avg | -140.9% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | -44.5% |
| CFO/Rev 3Y Avg | -106.0% |
| FCF/Rev LTM | -45.6% |
| FCF/Rev 3Y Avg | -110.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.3 |
| P/S | 4.8 |
| P/Op Inc | -2.0 |
| P/EBIT | -2.7 |
| P/E | -2.2 |
| P/CFO | -2.3 |
| Total Yield | -13.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -12.3% |
| D/E | 0.2 |
| Net D/E | -0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -14.2% |
| 3M Rtn | -10.3% |
| 6M Rtn | -7.4% |
| 12M Rtn | 26.3% |
| 3Y Rtn | -19.0% |
| 1M Excs Rtn | -17.6% |
| 3M Excs Rtn | -17.1% |
| 6M Excs Rtn | -13.5% |
| 12M Excs Rtn | 3.7% |
| 3Y Excs Rtn | -101.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Discovering and developing engineered antibody therapeutics to treat patients with cancer and | 110 | 175 | |||
| License | 0 | 81 | 50 | ||
| Milestone | 6 | 21 | 50 | ||
| Research collaboration | 7 | 93 | 4 | ||
| Royalties | 152 | 80 | 18 | ||
| Total | 110 | 175 | 165 | 275 | 123 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Discovering and developing engineered antibody therapeutics to treat patients with cancer and | -237 | ||||
| Total | -237 |
Price Behavior
Price Behavior
| Market Price | $10.41 | |
| Market Cap ($ Bil) | 0.8 | |
| First Trading Date | 12/03/2013 | |
| Distance from 52W High | -42.6% | |
| 50 Days | 200 Days | |
| DMA Price | $12.25 | $12.44 |
| DMA Trend | up | up |
| Distance from DMA | -15.0% | -16.3% |
| 3M | 1YR | |
| Volatility | 65.1% | 64.8% |
| Downside Capture | 229.51 | 216.75 |
| Upside Capture | 128.07 | 191.14 |
| Correlation (SPY) | 33.0% | 35.5% |
XNCR Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.02 | 1.68 | 1.74 | 1.46 | 1.97 | 1.39 |
| Up Beta | 1.26 | 1.52 | 1.99 | 2.10 | 2.10 | 1.58 |
| Down Beta | 0.99 | 1.32 | 2.10 | 1.32 | 1.52 | 1.20 |
| Up Capture | 167% | 176% | 171% | 106% | 291% | 122% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 10 | 20 | 30 | 54 | 117 | 344 |
| Down Capture | 558% | 187% | 146% | 136% | 167% | 110% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 11 | 22 | 33 | 70 | 131 | 401 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XNCR | |
|---|---|---|---|---|
| XNCR | 29.3% | 64.7% | 0.65 | - |
| Sector ETF (XLV) | 12.7% | 14.7% | 0.60 | 30.1% |
| Equity (SPY) | 25.0% | 12.1% | 1.55 | 35.7% |
| Gold (GLD) | 40.0% | 26.8% | 1.23 | 10.6% |
| Commodities (DBC) | 49.4% | 18.5% | 2.03 | -10.0% |
| Real Estate (VNQ) | 9.7% | 13.4% | 0.45 | 21.7% |
| Bitcoin (BTCUSD) | -25.6% | 41.9% | -0.59 | 22.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XNCR | |
|---|---|---|---|---|
| XNCR | -22.8% | 52.9% | -0.29 | - |
| Sector ETF (XLV) | 5.6% | 14.6% | 0.20 | 36.2% |
| Equity (SPY) | 14.2% | 17.0% | 0.65 | 38.4% |
| Gold (GLD) | 19.3% | 18.0% | 0.87 | 8.2% |
| Commodities (DBC) | 11.0% | 19.4% | 0.45 | 0.7% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 32.9% |
| Bitcoin (BTCUSD) | 9.4% | 55.6% | 0.38 | 19.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XNCR | |
|---|---|---|---|---|
| XNCR | -1.1% | 54.3% | 0.20 | - |
| Sector ETF (XLV) | 9.5% | 16.5% | 0.46 | 41.6% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 41.7% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 4.8% |
| Commodities (DBC) | 8.4% | 17.9% | 0.38 | 8.9% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 32.1% |
| Bitcoin (BTCUSD) | 67.2% | 66.9% | 1.06 | 11.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/25/2026 | 13.1% | 6.3% | 2.8% |
| 11/5/2025 | -2.6% | 0.1% | 23.0% |
| 8/6/2025 | -2.3% | 3.1% | 14.2% |
| 2/27/2025 | 4.2% | -3.3% | -20.0% |
| 11/6/2024 | 2.2% | 4.1% | 11.7% |
| 8/5/2024 | 0.4% | -11.1% | -6.5% |
| 5/9/2024 | -4.5% | -4.6% | -7.0% |
| 2/27/2024 | -14.1% | -13.8% | -15.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 9 |
| # Negative | 11 | 13 | 14 |
| Median Positive | 3.7% | 3.3% | 11.2% |
| Median Negative | -3.1% | -4.6% | -9.6% |
| Max Positive | 13.1% | 9.6% | 23.0% |
| Max Negative | -14.1% | -13.8% | -20.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cornelissen, Bart Jan | SR. VICE PRESIDENT & CFO | Direct | Sell | 4132026 | 12.29 | 3,499 | 42,990 | 932,521 | Form |
| 2 | Eckert, Celia | SVP, GENERAL COUNSEL | Direct | Sell | 3092026 | 11.02 | 1,767 | 19,472 | 847,613 | Form |
| 3 | Desjarlais, John R | SR. VICE PRESIDENT & CSO | Direct | Sell | 3092026 | 11.02 | 2,502 | 27,571 | 2,907,338 | Form |
| 4 | Dahiyat, Bassil I | PRESIDENT & CEO | Direct | Sell | 3092026 | 11.02 | 6,606 | 72,796 | 6,020,238 | Form |
| 5 | Eckert, Celia | SVP, GENERAL COUNSEL | Direct | Sell | 3092026 | 11.25 | 3,244 | 36,480 | 884,852 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.