PASADENA, Calif. - Xencor, Inc. (NASDAQ: NASDAQ:XNCR), a biopharmaceutical firm engaged in the development of antibody therapies, today disclosed that Dagmar Rosa-Bjorkeson has chosen not to seek reelection to its Board of Directors in the upcoming 2025 Annual Meeting of Stockholders. Rosa-Bjorkeson, who joined the Xencor Board in 2019, is leaving to pursue a new business opportunity.
The company's president and chief executive officer, Bassil Dahiyat, Ph.D., expressed gratitude for Rosa-Bjorkeson's service, particularly her strategic input on the audit and nominating and governance committees, as well as her role in advancing Xencor's program portfolio. Dahiyat also wished her success in her future endeavors.
Xencor is actively continuing its search for new Board members with skill sets that complement the existing Board's expertise. This recruitment is part of an ongoing process to strengthen the company's leadership as it progresses in the development of engineered antibodies for cancer treatment and other serious diseases.
Xencor's proprietary XmAb® technology has been integral to the company's clinical-stage pipeline, with over 20 candidates currently under development. This technology is known for enabling modifications to protein structures that can lead to innovative therapeutic actions.
The announcement comes as Xencor aims to maintain momentum in its research and development efforts. The company's focus remains on delivering novel treatments to patients with serious medical conditions, leveraging its technology platform that has already seen multiple XmAb medicines reach the market through partnerships.
This news comes based on a press release statement from Xencor, Inc. The company has not provided further details on the specific business opportunity Rosa-Bjorkeson will pursue or potential candidates for the Board position.
In other recent news, Xencor Inc . has been a focal point due to significant developments. RBC Capital Markets has increased its price target for Xencor to $34, maintaining an Outperform rating, following a visit to the company that provided insights into its new programs. Additionally, Xencor has announced a public stock offering priced at $18 per share, aiming to raise approximately $175 million. The proceeds are intended for general corporate purposes, including research and development, capital expenditures, and operational costs.
On the clinical front, Xencor has reported positive activity in its Phase 1 study of XmAb819, a treatment for advanced clear cell renal cell carcinoma, and has plans to launch four clinical studies targeting autoimmune diseases. Analysts' views on Xencor have varied, with JPMorgan maintaining a bullish stance and Barclays reaffirming its underweight rating.
In other updates, Xencor regained full rights to its cancer treatment drug, plamotamab, after Janssen Biotech, Inc.'s decision to terminate its involvement. The company also welcomed Bart Cornelissen as its new Senior Vice President and Chief Financial Officer. These are among the recent developments highlighting Xencor's ongoing evolution.
InvestingPro Insights
As Xencor, Inc. (NASDAQ: XNCR) navigates this transition in its Board of Directors, it's crucial to consider the company's financial position and market performance. According to InvestingPro data, Xencor has a market capitalization of $1.36 billion, reflecting its significant presence in the biopharmaceutical sector.
Despite the company's focus on developing innovative antibody therapies, InvestingPro Tips highlight some financial challenges. Xencor is not currently profitable, with analysts anticipating a sales decline and a drop in net income for the current year. This aligns with the company's reported revenue of $133.62 million in the last twelve months, coupled with a concerning gross profit margin of -84.4%.
On a positive note, Xencor maintains a strong financial position in terms of liquidity. An InvestingPro Tip indicates that the company holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations. This financial stability could be crucial as Xencor continues its research and development efforts in the competitive biopharmaceutical landscape.
Interestingly, despite these financial headwinds, Xencor has shown a strong return over the last month, with a 17.14% price total return. This recent market performance might reflect investor optimism about the company's long-term potential and its proprietary XmAb® technology.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 9 more tips available for Xencor, providing a deeper understanding of the company's financial health and market position.
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