Xencor (XNCR)
Market Price (7/17/2026): $14.71 | Market Cap: $1.1 BilSector: Health Care | Industry: Biotechnology
Xencor (XNCR)
Market Price (7/17/2026): $14.71Market Cap: $1.1 BilSector: 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 -24% 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 -58%, 3Y Excs Rtn is -106% 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 15% | 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 -20% 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 -24% |
| 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 -58%, 3Y Excs Rtn is -106% |
| 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 15% |
| 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 -20% |
| 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
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Xencor (XNCR) stock has gained about 25% since 3/31/2026 because of the following key factors:
1. Positive Clinical Data and Phase 2b Progress for XmAb942 in Inflammatory Bowel Disease.
Xencor reported final results from its Phase 1 study of XmAb942, an anti-TL1A antibody for inflammatory bowel disease, at Digestive Disease Week in May 2026. The data indicated a favorable safety profile and a long half-life of 74 days, supporting a convenient 12-week dosing interval. This positive data reinforced the drug's "potential best-in-class" profile and was followed by strong enrollment in the global Phase 2b XENITH-UC study for ulcerative colitis, with a blinded interim analysis expected around year-end 2026.
2. Continued Advancement of Lead Oncology Candidate, XmAb819.
The company demonstrated ongoing progress with XmAb819, a T-cell engager for advanced clear cell renal cell carcinoma (ccRCC). Xencor outlined plans to present additional expansion cohort data in the second half of fiscal year 2026 to help define a recommended Phase 3 dose, with the initiation of a pivotal study planned for fiscal year 2027. This consistent progression towards later-stage development in its lead oncology program instilled investor confidence.
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Xencor (XNCR) stock has gained about 25% since 3/31/2026 because of the following key factors:
1. Positive Clinical Data and Phase 2b Progress for XmAb942 in Inflammatory Bowel Disease.
Xencor reported final results from its Phase 1 study of XmAb942, an anti-TL1A antibody for inflammatory bowel disease, at Digestive Disease Week in May 2026. The data indicated a favorable safety profile and a long half-life of 74 days, supporting a convenient 12-week dosing interval. This positive data reinforced the drug's "potential best-in-class" profile and was followed by strong enrollment in the global Phase 2b XENITH-UC study for ulcerative colitis, with a blinded interim analysis expected around year-end 2026.
2. Continued Advancement of Lead Oncology Candidate, XmAb819.
The company demonstrated ongoing progress with XmAb819, a T-cell engager for advanced clear cell renal cell carcinoma (ccRCC). Xencor outlined plans to present additional expansion cohort data in the second half of fiscal year 2026 to help define a recommended Phase 3 dose, with the initiation of a pivotal study planned for fiscal year 2027. This consistent progression towards later-stage development in its lead oncology program instilled investor confidence.
3. Pipeline Expansion with Novel Bispecific Antibody, XmAb412.
Xencor expanded its autoimmune pipeline with the planned initiation of a first-in-human study for XmAb412, a novel TL1A x IL23p19 bispecific antibody, in the third quarter of 2026. Preclinical characterization of XmAb412 was presented in May 2026, highlighting its potential for high potency and extended half-life in addressing autoimmune and inflammatory diseases. This strategic pipeline expansion offered a new catalyst for growth.
4. Resilient Analyst Sentiment and Favorable Price Targets.
Despite reporting a significant miss on Q1 2026 earnings, with an EPS of -$1.71 against an estimate of -$0.75 and revenue of $4.52 million below the $27.86 million consensus, Xencor maintained an overall "Moderate Buy" consensus rating from analysts. The average 1-year price target remained robust at $24.25, indicating a substantial upside potential from the stock's trading range during the specified period and suggesting that analysts viewed the long-term pipeline progress as outweighing short-term financial setbacks.
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Stock Movement Drivers
Fundamental Drivers
The 24.0% change in XNCR stock from 3/31/2026 to 7/16/2026 was primarily driven by a 61.3% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7162026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.06 | 14.95 | 24.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 126 | 97 | -22.5% |
| P/S Multiple | 7.2 | 11.6 | 61.3% |
| Shares Outstanding (Mil) | 75 | 75 | -0.9% |
| Cumulative Contribution | 24.0% |
Market Drivers
3/31/2026 to 7/16/2026| Return | Correlation | |
|---|---|---|
| XNCR | 24.0% | |
| Market (SPY) | 15.4% | 20.4% |
| Sector (XLV) | 10.4% | 9.8% |
Fundamental Drivers
The -2.4% change in XNCR stock from 12/31/2025 to 7/16/2026 was primarily driven by a -35.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 7162026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.31 | 14.95 | -2.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 150 | 97 | -35.2% |
| P/S Multiple | 7.6 | 11.6 | 52.3% |
| Shares Outstanding (Mil) | 74 | 75 | -1.1% |
| Cumulative Contribution | -2.4% |
Market Drivers
12/31/2025 to 7/16/2026| Return | Correlation | |
|---|---|---|
| XNCR | -2.4% | |
| Market (SPY) | 10.4% | 27.7% |
| Sector (XLV) | 5.0% | 24.0% |
Fundamental Drivers
The 90.2% change in XNCR stock from 6/30/2025 to 7/16/2026 was primarily driven by a 153.9% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7162026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.86 | 14.95 | 90.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 127 | 97 | -23.5% |
| P/S Multiple | 4.6 | 11.6 | 153.9% |
| Shares Outstanding (Mil) | 74 | 75 | -2.1% |
| Cumulative Contribution | 90.2% |
Market Drivers
6/30/2025 to 7/16/2026| Return | Correlation | |
|---|---|---|
| XNCR | 90.2% | |
| Market (SPY) | 22.5% | 30.7% |
| Sector (XLV) | 21.6% | 25.5% |
Fundamental Drivers
The -40.1% change in XNCR stock from 6/30/2023 to 7/16/2026 was primarily driven by a -24.1% change in the company's P/S Multiple.| (LTM values as of) | 6302023 | 7162026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.97 | 14.95 | -40.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 98 | 97 | -0.7% |
| P/S Multiple | 15.2 | 11.6 | -24.1% |
| Shares Outstanding (Mil) | 60 | 75 | -20.6% |
| Cumulative Contribution | -40.1% |
Market Drivers
6/30/2023 to 7/16/2026| Return | Correlation | |
|---|---|---|
| XNCR | -40.1% | |
| Market (SPY) | 75.3% | 35.8% |
| Sector (XLV) | 27.6% | 33.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| XNCR Return | -8% | -35% | -18% | 8% | -33% | -2% | -66% |
| Peers Return | -18% | -32% | 40% | -23% | 2% | 23% | -24% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| XNCR Win Rate | 42% | 33% | 33% | 50% | 42% | 29% | |
| Peers Win Rate | 36% | 48% | 52% | 48% | 45% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| XNCR Max Drawdown | -43% | -53% | -55% | -41% | -71% | -32% | |
| Peers Max Drawdown | -43% | -57% | -35% | -54% | -47% | -31% | |
| 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 7/16/2026 (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.
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Asset Allocation
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| 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. (XNCR) is a clinical-stage biopharmaceutical company specializing in the discovery and development of engineered monoclonal antibody and cytokine therapeutics. The company's core expertise lies in designing novel protein therapeutics, primarily antibodies, to treat a range of serious medical conditions. This technology forms the foundation for both its proprietary drug candidates and products developed in collaboration with pharmaceutical partners.
The company's portfolio includes contributions to several currently marketed treatments, showcasing the success of its underlying technology. These include Sotrovimab for SARS-CoV-2, Ultomiris for specific rare blood disorders (paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome), and Monjuvi for relapsed or refractory diffuse large B-cell lymphoma. Xencor also maintains an extensive pipeline of proprietary product candidates in various stages of clinical trials, targeting conditions such as non-Hodgkin lymphoma (Plamotamab), metastatic prostate cancer (Vudalimab), neuroendocrine tumors (Tidutamab), and autoimmune diseases (XmAb564, Obexelimab). Further candidates are in development for infectious diseases like hepatitis B and influenza A, as well as neurological conditions like Alzheimer's disease.
Xencor primarily serves the global healthcare market, focusing on patients with high unmet medical needs in therapeutic areas such as oncology (various cancers), autoimmune diseases, and infectious diseases. While a clinical-stage company, its ultimate beneficiaries are patients requiring advanced biological therapies. Its business model also involves strategic partnerships with larger pharmaceutical companies, which serve as direct "customers" for licensing and co-development, bringing Xencor's innovative therapies to market.
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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.
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- 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.
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- 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.
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Bassil 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.
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- 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.
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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.
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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.
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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 |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 19.57 |
| Mkt Cap | 1.5 |
| 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% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Discovering and developing engineered antibody therapeutics to treat patients with cancer and | 126 | 110 | 175 | ||
| License | 0 | 81 | |||
| Milestone | 6 | 21 | |||
| Research collaboration | 7 | 93 | |||
| Royalties | 152 | 80 | |||
| Total | 126 | 110 | 175 | 165 | 275 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Discovering and developing engineered antibody therapeutics to treat patients with cancer and | -92 | -237 |
| Total | -92 | -237 |
Price Behavior
| Market Price | $14.95 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 12/03/2013 | |
| Distance from 52W High | -17.6% | |
| 50 Days | 200 Days | |
| DMA Price | $13.10 | $13.40 |
| DMA Trend | up | up |
| Distance from DMA | 14.1% | 11.6% |
| 3M | 1YR | |
| Volatility | 59.1% | 63.4% |
| Downside Capture | 83.67 | 130.19 |
| Upside Capture | 138.15 | 162.98 |
| Correlation (SPY) | 23.0% | 30.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.20 | 0.70 | 1.09 | 1.26 | 1.62 | 1.41 |
| Up Beta | 1.39 | 1.36 | 1.34 | 2.12 | 2.38 | 1.63 |
| Down Beta | 2.82 | 1.23 | 0.33 | 0.88 | 0.86 | 1.16 |
| Up Capture | 83% | 140% | 164% | 108% | 293% | 155% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 13 | 22 | 32 | 60 | 120 | 345 |
| Down Capture | -289% | -70% | 83% | 112% | 125% | 110% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 8 | 19 | 30 | 64 | 129 | 398 |
[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 | 77.5% | 63.4% | 1.15 | - |
| Sector ETF (XLV) | 23.7% | 15.9% | 1.15 | 24.4% |
| Equity (SPY) | 21.8% | 12.6% | 1.29 | 29.8% |
| Gold (GLD) | 19.1% | 28.0% | 0.61 | 10.1% |
| Commodities (DBC) | 27.9% | 18.9% | 1.16 | -14.8% |
| Real Estate (VNQ) | 16.9% | 14.0% | 0.88 | 19.0% |
| Bitcoin (BTCUSD) | -45.3% | 42.8% | -1.29 | 19.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XNCR | |
|---|---|---|---|---|
| XNCR | -14.8% | 53.5% | -0.10 | - |
| Sector ETF (XLV) | 6.4% | 15.0% | 0.24 | 35.6% |
| Equity (SPY) | 13.2% | 17.1% | 0.60 | 37.8% |
| Gold (GLD) | 16.7% | 18.4% | 0.73 | 7.5% |
| Commodities (DBC) | 8.5% | 19.5% | 0.33 | -0.4% |
| Real Estate (VNQ) | 3.2% | 18.9% | 0.07 | 32.5% |
| Bitcoin (BTCUSD) | 14.5% | 53.5% | 0.45 | 20.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XNCR | |
|---|---|---|---|---|
| XNCR | -2.3% | 53.4% | 0.17 | - |
| Sector ETF (XLV) | 10.1% | 16.6% | 0.49 | 40.7% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 41.1% |
| Gold (GLD) | 10.9% | 16.1% | 0.55 | 5.7% |
| Commodities (DBC) | 6.5% | 18.0% | 0.28 | 7.5% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.22 | 31.8% |
| Bitcoin (BTCUSD) | 57.8% | 66.2% | 0.98 | 12.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/25/2026 | 13.1% | 6.3% | 2.8% |
| 1/8/2026 | -5.1% | -3.3% | -22.3% |
| 11/5/2025 | -2.6% | 0.1% | 23.0% |
| 8/6/2025 | -2.3% | 3.1% | 14.2% |
| 5/7/2025 | 10.1% | 1.9% | 20.9% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 9 |
| # Negative | 12 | 14 | 15 |
| Median Positive | 3.7% | 3.0% | 11.7% |
| Median Negative | -3.8% | -4.2% | -10.6% |
| Max Positive | 13.1% | 9.6% | 23.0% |
| Max Negative | -14.1% | -13.8% | -22.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/25/2026 | 13.1% | 6.3% | 2.8% |
| 1/8/2026 | -5.1% | -3.3% | -22.3% |
| 11/5/2025 | -2.6% | 0.1% | 23.0% |
| 8/6/2025 | -2.3% | 3.1% | 14.2% |
| 5/7/2025 | 10.1% | 1.9% | 20.9% |
| 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% |
| 11/7/2023 | -7.0% | -0.4% | 9.0% |
| 8/3/2023 | 3.6% | -0.3% | -3.9% |
| 5/8/2023 | -1.9% | 2.0% | -1.3% |
| 2/23/2023 | -3.1% | -8.0% | -18.1% |
| 11/7/2022 | 8.8% | 9.6% | 10.1% |
| 8/3/2022 | 0.3% | 2.9% | -8.3% |
| 5/5/2022 | 4.1% | -3.9% | -14.5% |
| 2/23/2022 | 3.2% | -1.0% | -8.7% |
| 11/8/2021 | -5.4% | -7.8% | -11.8% |
| 8/4/2021 | 3.9% | 2.5% | 11.2% |
| 5/5/2021 | -2.6% | -7.0% | -10.6% |
| 2/23/2021 | 0.3% | -4.8% | -12.7% |
| 11/5/2020 | -8.0% | -1.9% | -5.7% |
| 8/4/2020 | -0.3% | 3.5% | 13.8% |
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 9 |
| # Negative | 12 | 14 | 15 |
| Median Positive | 3.7% | 3.0% | 11.7% |
| Median Negative | -3.8% | -4.2% | -10.6% |
| Max Positive | 13.1% | 9.6% | 23.0% |
| Max Negative | -14.1% | -13.8% | -22.3% |
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 |
| 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 |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
| 06/30/2019 | 08/07/2019 | 10-Q |
Recent Forward Guidance
Updated 7/15/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Cash, cash equivalents and marketable debt securities | 380.00 Mil | 390.00 Mil | 400.00 Mil | -6.0% | Lowered | Guidance: 415.00 Mil for 2026 | |
Prior: Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Cash, cash equivalents and marketable debt securities | 570.00 Mil | 580.00 Mil | 590.00 Mil | 1.8% | Raised | Guidance: 570.00 Mil for 2025 | |
Insider Activity
Updated 7/8/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Feigal, Ellen | Direct | Sell | 6222026 | 13.06 | 6,843 | 89,370 | 161,160 | Form | |
| 2 | Gorman, Kevin Charles | Direct | Sell | 6172026 | 12.31 | 7,527 | 92,657 | 140,063 | Form | |
| 3 | Gustafson, Kurt A | Direct | Sell | 6172026 | 12.31 | 5,474 | 67,385 | 181,068 | Form | |
| 4 | Ranieri, Richard J | Direct | Sell | 6172026 | 12.31 | 5,474 | 67,385 | 168,758 | Form | |
| 5 | Montgomery, Alan Bruce | Direct | Sell | 6172026 | 12.31 | 5,064 | 62,338 | 191,384 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Feigal, Ellen | Direct | Sell | 6222026 | 13.06 | 6,843 | 89,370 | 161,160 | Form | |
| 2 | Gorman, Kevin Charles | Direct | Sell | 6172026 | 12.31 | 7,527 | 92,657 | 140,063 | Form | |
| 3 | Gustafson, Kurt A | Direct | Sell | 6172026 | 12.31 | 5,474 | 67,385 | 181,068 | Form | |
| 4 | Ranieri, Richard J | Direct | Sell | 6172026 | 12.31 | 5,474 | 67,385 | 168,758 | Form | |
| 5 | Montgomery, Alan Bruce | Direct | Sell | 6172026 | 12.31 | 5,064 | 62,338 | 191,384 | Form | |
| 6 | Cornelissen, Bart Jan | SR. VICE PRESIDENT & CFO | Direct | Sell | 4132026 | 12.29 | 3,499 | 42,990 | 932,521 | Form |
| 7 | Eckert, Celia | SVP, GENERAL COUNSEL | Direct | Sell | 3092026 | 11.02 | 1,767 | 19,472 | 847,613 | Form |
| 8 | Desjarlais, John R | SR. VICE PRESIDENT & CSO | Direct | Sell | 3092026 | 11.02 | 2,502 | 27,571 | 2,907,338 | Form |
| 9 | Dahiyat, Bassil I | PRESIDENT & CEO | Direct | Sell | 3092026 | 11.02 | 6,606 | 72,796 | 6,020,238 | Form |
| 10 | Eckert, Celia | SVP, GENERAL COUNSEL | Direct | Sell | 3092026 | 11.25 | 3,244 | 36,480 | 884,852 | Form |
| 11 | Cornelissen, Bart Jan | SR. VICE PRESIDENT & CFO | Direct | Sell | 3092026 | 11.25 | 2,517 | 28,305 | 892,859 | Form |
| 12 | Desjarlais, John R | SR. VICE PRESIDENT & CSO | Direct | Sell | 3092026 | 11.25 | 4,118 | 46,309 | 2,995,048 | Form |
| 13 | Dahiyat, Bassil I | PRESIDENT & CEO | Direct | Sell | 3092026 | 11.25 | 14,870 | 167,221 | 6,217,884 | Form |
| 14 | Desjarlais, John R | SR. VICE PRESIDENT & CSO | Direct | Sell | 3042026 | 11.90 | 2,663 | 31,677 | 3,217,042 | Form |
| 15 | Eckert, Celia | SVP, GENERAL COUNSEL | Direct | Sell | 3042026 | 11.90 | 1,492 | 17,747 | 974,554 | Form |
| 16 | Dahiyat, Bassil I | PRESIDENT & CEO | Direct | Sell | 3042026 | 11.90 | 6,758 | 80,387 | 6,753,943 | Form |
| 17 | Desjarlais, John R | SR. VICE PRESIDENT & CSO | Direct | Sell | 12232025 | 15.72 | 73,367 | 1,153,329 | 3,718,943 | Form |
| 18 | Dahiyat, Bassil I | PRESIDENT & CEO | Direct | Sell | 12232025 | 15.71 | 114,377 | 1,796,863 | 7,330,836 | Form |
Investor Activity (13F)
Updated Jul 17, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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