PASADENA, CA—Cornelissen Bart Jan, the Senior Vice President and Chief Financial Officer of Xencor Inc . (NASDAQ:XNCR), recently sold 3,750 shares of the company’s common stock. The transaction, which took place on April 10, 2025, was valued at approximately $30,232, with shares sold at an average price of $8.0621 each. The sale comes as the stock trades significantly below its 52-week high of $27.24, having declined about 59% over the past six months.
Following this sale, Cornelissen holds 61,348 shares directly. The sale was executed to cover withholding taxes related to the vesting of 14,088 restricted stock units, as noted in the company’s filing. According to InvestingPro analysis, analysts maintain a bullish outlook on XNCR with price targets ranging from $22 to $40, suggesting potential upside from current levels.
Xencor, a biotechnology firm based in Pasadena, California, specializes in the development of protein therapeutics for the treatment of cancer and autoimmune diseases. While the company maintains strong liquidity with a current ratio of 6.61, InvestingPro analysis indicates the stock is currently trading below its Fair Value. Subscribers can access 10+ additional ProTips and a comprehensive research report covering Xencor’s financial health and growth prospects.
In other recent news, Xencor Inc has announced it will restate its financial statements for the fiscal year ending December 31, 2023, and subsequent quarterly periods through September 30, 2024. This decision follows the identification of errors in accounting for a royalty transaction and tax misstatements. 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, debt was understated by $168.5 million, while shareholders’ equity was understated by $0.8 million. The company also reported understated revenue and interest expenses of $6.3 million and $5.5 million, respectively, for the same period. Furthermore, Xencor identified a misstatement related to research and development expenses under Section 174 of the Internal Revenue Code, leading to an uncertain tax position estimated at $5.6 million. Despite these financial restatements, Xencor stated that its reported cash, cash equivalents, and marketable debt securities would remain unaffected.
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