Xencor (XNCR)
Licenses Fc-engineered antibody technology to partners while advancing a wholly-owned bispecific pipeline.
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An antibody-engineering platform built on Caltech protein-engineering research licenses Fc-domain and bispecific antibody technology to large pharmaceutical partners for upfront payments, milestones, and royalties, while a wholly-owned pipeline of bispecific antibody candidates advances across oncology and autoimmune disease; revenue still depends on partner-marketed therapies rather than its own product sales.
Protein-engineering methods developed at Caltech underpin an antibody platform, XmAb, used to re-shape the Fc region and build bispecific antibody formats. Engineered antibodies and technology are licensed to large pharmaceutical partners for upfront payments, milestones, and royalties, while a wholly-owned pipeline advances in parallel.
Several bispecific antibody candidates are in clinical testing across solid-tumor oncology and autoimmune or inflammatory disease, alongside partner-advanced programs on licensed technology. Two antibody therapies from the platform are already marketed by partners.
Revenue comes from license and royalty income tied to those partner-marketed therapies rather than from its own product sales, exposing results to partner performance and a dispute over royalty terms on one product. Reserves from upfront payments and royalty-stream sales fund the internal pipeline.
Founded in 1997 out of Caltech-based research and based in Southern California, it has been listed since 2013.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 11, 2026 | Barclays | Reiterate | Rating: —Target: $26 | Target: $35 |
| Sep 1, 2026 | Raymond James | Reiterate | Rating: —Target: $58 | Target: $46 |
| Aug 6, 2026 | Cantor Fitzgerald | Reiterate | Rating: —Target: $42 | Target: $44 |
| Aug 6, 2026 | RBC Capital | Reiterate | Rating: —Target: $18 | Target: $20 |
| Jul 7, 2026 | Truist Financial | Target | Target: $29 | Target: $27 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $456.5M · Total debt $65.2M · Total assets $725.0M · Shareholders' equity $503.2M
- Revenue
- $51.2M
- Operating income
- −$37.1M
- Net income
- −$21.7M
No dividends on record.
| Institutions | 114.16% | 84.88M shares | |
|---|---|---|---|
| 210 holders · as of Jun 30, 2026 | |||
| Insiders | 8.35% | 6.21M shares | |
| 15 holders · as of Jul 8, 2026 | |||
| Adds to | 122.51% | ||
74.35M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 122.51%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 18.36% | 13.65M | as of Jun 30, 2026 |
Primecap Management Co/CA/Institution | 13.69% | 10.18M | as of Jun 30, 2026 |
BVF Inc/ILInstitution | 9.59% | 7.13M | as of Jun 30, 2026 |
RTW Investments, LPInstitution | 9.12% | 6.78M | as of Jun 30, 2026 |
Ra Capital Management, L.P.Institution | 7.09% | 5.27M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 18, 2026 | Ellen Feigal | director | −6,843 | $13.06 |
| Jun 15, 2026 | Alan Bruce Montgomery | director | −5,064 | $12.31 |
| Jun 15, 2026 | Richard J. Ranieri | director | −5,474 | $12.31 |
| Jun 15, 2026 | Kurt A. Gustafson | director | −5,474 | $12.31 |
| Jun 15, 2026 | Kevin Charles Gorman | director | −7,527 | $12.31 |
- Amgen
Head-to-head bispecific T-cell engager oncology franchise; also a licensee
- Johnson & Johnson
Approved multiple myeloma bispecifics compete in TCE oncology; also a licensee
- Merck
Phase 3 anti-TL1A rival in ulcerative colitis and Crohn's, via Prometheus deal
- Pfizer
Approved BCMAxCD3 bispecific in multiple myeloma competes in TCE oncology
- Genmab (ADR)
DuoBody bispecific-antibody platform peer, deepened via 2025 Merus acquisition
- Sanofi (ADR)
Phase 3 anti-TL1A rival duvakitug, with Teva, in ulcerative colitis and Crohn's
- MacroGenics
DART bispecific-antibody platform peer with an overlapping licensing model
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Xencor | $25.02 | −0.06% | $1.86B | — | — | 17.7 | +17.5% |
| Amgen | $407.39 | +3.62% | $212.19B | 24.4 | 17.4 | 5.6 | +9.7% |
| Johnson & Johnson | $267.84 | −0.61% | $649.40B | 31.2 | 22.6 | 6.6 | +6.6% |
| Merck | $152.18 | +1.79% | $369.24B | 119.6 | 17.6 | 5.6 | +5.1% |
| Pfizer | $27.77 | +0.09% | $158.10B | 36.7 | 9.9 | 2.5 | +2.6% |
| Genmab (ADR) | $34.95 | +0.74% | $21.30B | 27.3 | 26.7 | 5.2 | +24.9% |
| Sanofi (ADR) | $42.43 | −0.16% | $102.05B | 75.6 | — | 1.8 | +11.2% |
| MacroGenics | $4.13 | +0.12% | $261.9M | — | — | 1.6 | +47.6% |
| Median | 33.9 | 17.6 | 5.2 | +9.7% |