Xencor

XNCR · NASDAQ

$24.94+$1.75 (+7.55%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $23.19

XNCR analyst rating

BuyConsensus of 8 analysts over the last 12 months. 75% rate it a buy.

Strong buy1
Buy5
Hold2
Underperform0
Sell0

12-month price target · 14 analysts

Average $33.01 (+32.4% upside)

Low: $20.20
Now: $24.94
High: $48.30

Upgrades and downgrades

The latest rating actions, newest first

XNCR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Truist Securities	Sep 28, 2026	Maintains	Buy	$27.00 → $29.00	47%
B of A Securities	Sep 21, 2026	Maintains	Neutral	$20.00 → $26.00	36%
Barclays	Sep 11, 2026	Maintains	Overweight	$27.00 → $35.00	46%
JP Morgan	Sep 3, 2026	Maintains	Neutral	$14.00 → $21.00	40%
Raymond James	Sep 1, 2026	Maintains	Strong Buy	$40.00 → $46.00	20%
RBC Capital	Aug 6, 2026	Maintains	Outperform	$19.00 → $20.00	49%
Wedbush	Aug 6, 2026	Maintains	Outperform	$26.00 → $30.00	46%
Cantor Fitzgerald	Aug 6, 2026	Maintains	Overweight	$43.00 → $44.00	39%
Wedbush	Jul 30, 2026	Maintains	Outperform	$26.00	46%
Truist Securities	Jul 7, 2026	Maintains	Buy	$29.00 → $27.00	47%

The case for and against

Updated Oct 17, 2026

Bull case

Xencor is supported by a differentiated XmAb platform that has already produced FDA-approved therapies and is now advancing multiple value-driving programs across oncology and immunology. The most important near-term catalyst is XmAb819, where upcoming ESMO data could de-risk phase 3 advancement if efficacy remains around ~25% ORR with >6-month median PFS and manageable CRS, while the broader pipeline also benefits from TL1A and other I&I readouts. Financially, increased YE26 cash guidance of $420–440MM and runway through 2028 reduce funding risk, while $27.6M in U.S. Ultomiris royalty revenue and a $10M milestone underscore improving operating support.

Bear case

Xencor is viewed negatively because its value depends heavily on uncertain clinical readouts and a narrow path to registration, where the worst-case scenario of <20% ORR and <5-month mPFS would undermine RP3D selection and the planned 2027 registrational study in ccRCC. As a clinical-stage biopharmaceutical company with revenue primarily from collaboration and licensing agreements, it lacks product commercialization support and must raise additional capital before commercialization of its wholly owned portfolio, increasing liquidity and financing risk. Even with a valuation framework based on a DCF and probability-adjusted EPS, the company faces substantial clinical, regulatory, competitive, and partnership risks, and could fall short on efficacy, approval, or royalty expectations.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.