Nancy Valente, Executive Vice President and Chief Development Officer at Xencor Inc . (NASDAQ:XNCR), recently sold shares of the company’s stock, according to a regulatory filing. The transaction comes as the stock trades near its 52-week low of $13.42, having declined over 40% year-to-date. On March 10, Valente sold 2,565 shares of common stock at an average price of $13.5971 per share, totaling approximately $34,876. Following this transaction, Valente holds 53,785 shares in the company. The sale was made to cover withholding taxes upon the vesting of restricted stock units. According to InvestingPro analysis, the stock appears undervalued at current levels, with RSI indicating oversold conditions. InvestingPro offers 11 additional investment tips for XNCR, along with comprehensive financial analysis in its Pro Research Report, available with a subscription.
In other recent news, Xencor Inc disclosed that it will restate its financial statements for the fiscal year ended December 31, 2023, and subsequent quarterly periods through September 30, 2024. This decision was made by the Audit Committee, in consultation with management and RSM US LLP, the company’s independent registered public accounting firm, due to identified errors in accounting for a royalty transaction and tax misstatements. The company recognized that a royalty transaction with OMERS Life Sciences should have been accounted for as debt, resulting in various financial misstatements. Specifically, accounts receivable were understated by $12.4 million, and deferred income was overstated by $156.9 million. Additionally, revenue and interest expense for the same period were understated by $6.3 million and $5.5 million, respectively. The company also discovered a misstatement related to research and development expenses, leading to an uncertain tax position estimated at $5.6 million. These financial errors will not impact Xencor’s reported cash, cash equivalents, and marketable debt securities. Xencor is reviewing further changes to previously reported amounts or control findings and plans to file necessary amendments before submitting its Annual Report for the fiscal year ended December 31, 2024.
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