In recent activity at Xencor Inc (NASDAQ:XNCR), President and CEO Bassil I. Dahiyat sold 19,716 shares of common stock. The transaction, filed with the Securities and Exchange Commission, took place on March 10, 2025, at an average price of $13.5971 per share, amounting to a total of $268,080. The sale comes as the stock trades near its 52-week low of $13.42, with shares down over 40% year-to-date. InvestingPro analysis indicates the stock is currently in oversold territory.
Following this sale, Dahiyat retains ownership of 465,419 shares. The sale was conducted to cover withholding taxes upon the vesting of 52,273 restricted stock units, as noted in the filing. With a market capitalization of $953 million and a weak financial health score, InvestingPro subscribers can access 10+ additional exclusive insights about Xencor’s financial position and growth prospects through the comprehensive Pro Research Report.
In other recent news, Xencor Inc disclosed plans to restate its financial statements for the fiscal year ending December 31, 2023, and subsequent quarters through September 30, 2024. This decision arose from identified errors in accounting for a royalty transaction and tax misstatements, as noted by the company’s Audit Committee and RSM US LLP. Xencor acknowledged that a royalty transaction with OMERS Life Sciences was incorrectly accounted for as deferred income instead of debt, leading to several financial misstatements. Specifically, accounts receivable were understated by $12.4 million, and deferred income was overstated by $156.9 million. Additionally, revenue and interest expenses for the period were understated by $6.3 million and $5.5 million, respectively. The company also discovered a misstatement in its research and development expenses, impacting tax positions by an estimated $5.6 million. Despite these errors, Xencor stated that the financial restatements would not affect its reported cash, cash equivalents, and marketable debt securities. The company plans to address these issues and file necessary amendments before submitting its Annual Report for the fiscal year ended December 31, 2024.
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