# Xencor, Inc. (XNCR)

> Source: Nexqual · https://nexqual.com/XNCR · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Xencor, Inc. (XNCR), nexqual.com/XNCR" · informational, not investment advice.

**Price:** USD 29.21 (-2.60% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 29.99 · day 28.92–30.56 · 52w 10.38–33.6 · market cap $2.17B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $105M, net income -$163M (-155.6% margin), free cash flow -$208M (SEC filings).
- Analysts: Buy (mean 1.93 on a 1–5 scale) (14 analysts), mean target USD 40.25 (range 21–70).
- Total return with dividends: 1Y +112.2% vs S&P 500 +14.8%; 5Y -26.2% vs S&P 500 +79.1%.
- Next earnings: 2026-11-04 (date not yet confirmed by the company), EPS estimate USD -0.34, revenue estimate $63.0M. All companies reporting that day: https://nexqual.com/earnings/2026-11-04
- Dividend: XNCR paid no cash dividend in the last five years.
- Short interest: 23.40% of float (as of 2026-10-15), 8.1 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $275M | $165M | $175M | $110M | $126M | $105M |
| Operating income | $43.8M | -$82.5M | -$132M | -$178M | -$178M | -$216M |
| Net income | $82.6M | -$55.2M | -$133M | -$233M | -$91.9M | -$163M |
| EPS (diluted) | $1.37 | -$0.93 | -$2.20 | -$3.58 | -$1.24 | — |
| Free cash flow | -$30.2M | -$14.0M | -$96.4M | -$208M | -$138M | -$208M |
| Operating margin | 15.9% | -50.1% | -75.8% | -161.5% | -141.4% | -205.8% |
| Net margin | 30.0% | -33.5% | -76.2% | -210.5% | -73.2% | -155.6% |
| Revenue growth | +124.2% | -40.2% | +6.1% | -36.7% | +13.7% | — |
| Cash + short-term investments | $297M | $581M | $552M | $450M | $435M | — |
| Total debt | — | $0K | $189M | $164M | $120M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 20.7x · EV/Sales 18.1x · P/B 4.3x · FCF yield -9.59% · Earnings yield -7.52% · Net cash $273M · EV $1.90B

## Analysts
Consensus Buy (mean 1.93 on a 1–5 scale), 14 analysts; mean target USD 40.25 (low 21, high 70).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-27 | Truist Securities | Target raised | Buy | $29 → $40 |
| 2026-10-27 | RBC Capital | Target raised | Outperform | $20 → $43 |
| 2026-10-27 | Wells Fargo | Target raised | Overweight | $30 → $44 |
| 2026-10-27 | Wedbush | Target raised | Outperform | $30 → $45 |
| 2026-10-21 | Wedbush | Reiterated | Outperform | $30 |
| 2026-09-28 | Truist Securities | Target raised | Buy | $27 → $29 |
| 2026-09-21 | B of A Securities | Target raised | Neutral | $20 → $26 |
| 2026-09-11 | Barclays | Target raised | Overweight | $27 → $35 |
| 2026-09-03 | JP Morgan | Target raised | Neutral | $14 → $21 |
| 2026-09-01 | Raymond James | Target raised | Strong Buy | $40 → $46 |
| 2026-08-06 | RBC Capital | Target raised | Outperform | $19 → $20 |
| 2026-08-06 | Wedbush | Target raised | Outperform | $26 → $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +112.2% | -26.2% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +113.2% | -5.9% |
| Volatility (annualized) | 63.4% | 53.7% |
| Max drawdown | -42.6% (Dec 2025→May 2026) | -82.5% (Nov 2021→Aug 2025) |

## Dividends
XNCR paid no cash dividend in the last five years.

## Short interest
12,266,541 shares sold short, 23.40% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 15,751,444 shares (-22.1%). Days to cover: 8.1 (short shares ÷ average daily volume).

## Peers (Biotechnology)
KOD (Kodiak Sciences Inc) USD 100.4 +3.46% · ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 93.07 +1.20% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · ABVX (Abivax SA) USD 89.06 -0.87%

## More
Full page: https://nexqual.com/XNCR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name XNCR in their own reports (relationship from XNCR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Inmune Bio, Inc. (INMB) | 10-K 2026-03-30 | "entered into a license agreement with Xencor, Inc. ("Xencor"), which has discovered and developed a proprietary biological" |
| partner | Zenas BioPharma, Inc. (ZBIO) | 10-K 2026-03-16 | "In September 2020, we entered into a license agreement (the "2020 Xencor Agreement") with Xencor, to obtain (i) an exclusive, royalty-bearing, sublicensable worldwide license under certain patent righ…" |
| partner | INCYTE CORP (INCY) | 10-K 2026-02-10 | "Under the purchase agreement, we also became the successor to MorphoSys under its collaboration and license agreement with Xencor, Inc. ("Xencor"), pursuant to which Xencor granted MorphoSys an exclus…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.34 | $-0.83 | +$0.49 | $63.0M | 12 |
| Next quarter (ends 2026-12-31) | $-0.79 | $-0.74 | −$0.05 | $30.1M | 12 |
| Current fiscal year (ends 2026-12-31) | $-3.07 | $-4.03 | +$0.96 | $148.8M | 12 |
| Next fiscal year (ends 2027-12-31) | $-3.54 | $-3.55 | +$0.01 | $121.0M | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±18.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 93.5% | ±18.4% |
| 2026-12-18 | 50 | 82.7% | ±25.9% |
| 2027-02-19 | 113 | 77.1% | ±33.2% |
| 2027-05-21 | 204 | 69.8% | ±41.1% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.29 | −$0.84 | Beat +65.5% | — |
| — | Quarter ended Mar 31, 2026 | −$1.71 | −$0.75 | Miss −128.0% | — |
| — | Quarter ended Dec 31, 2025 | −$0.09 | −$0.58 | Beat +84.5% | — |
| — | Quarter ended Sep 30, 2025 | −$0.08 | −$0.70 | Beat +88.6% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).