Celia Eckert, Senior Vice President and General Counsel at Xencor Inc . (NASDAQ:XNCR), recently sold 5,740 shares of common stock. The transaction, dated March 10, 2025, was valued at approximately $78,047, with shares sold at an average price of $13.5971 each. The sale comes as Xencor’s stock trades near its 52-week low of $13.42, having declined over 40% in the past year. According to InvestingPro analysis, the stock’s RSI indicates oversold conditions. Following this sale, Eckert retains ownership of 63,507 shares. The sale was conducted to cover withholding taxes upon the vesting of 14,499 restricted stock units. With analyst targets ranging from $22 to $40, InvestingPro offers 11 additional key insights about Xencor’s financial health and market position in its comprehensive Pro Research Report.
In other recent news, Xencor Inc announced plans to restate its financial statements for the fiscal year ending December 31, 2023, and subsequent quarters through September 30, 2024. This decision follows the identification of accounting errors related to a royalty transaction and tax misstatements. The errors included an understatement of accounts receivable by $12.4 million and an overstatement of deferred income by $156.9 million for 2023. Additionally, revenue and interest expenses were understated by $6.3 million and $5.5 million, respectively. The company also discovered a misstatement in research and development expenses, leading to an uncertain tax position estimated at $5.6 million. Xencor identified material weaknesses in its internal controls over financial reporting and is working with RSM US LLP to address these issues. Despite these restatements, the company stated that its cash, cash equivalents, and marketable securities remain unaffected. Xencor plans to file the necessary amendments before its next annual report.
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