NASDAQ: XNCR ยท Biotechnology
Xencor (XNCR) fair value and price range
As of 31 Oct 2026, Faircurve's model values Xencor (XNCR) at $33.00 a share. The stock last closed at $30.64, which puts the model's fair value 7.7% above the price. The inputs behind this valuation are under review, so no verdict is shown.
- The latest balance sheet shows far less debt than the quarter before, with no matching repayment.
Revalued . Price is the close of 3 Nov 2026. Xencor, Inc.
The report adds the live price, the chart against the range the options market prices and the analysts' consensus. No account needed.
This week, in three parts
What happenedThe run of 31 Oct 2026 moved the fair value from $24.46 to $33.00 (+34.9%). The peer group changed: most of the move.
What the model makes of itThe price of $30.64 is 7.7% below it. The inputs behind this valuation are under review, so no verdict is shown.
What's nextNo report date on file. Options prices imply a move of about 32% either way over the next month. The next weekly run is on Saturday 7 Nov 2026.
What price range does the model give XNCR?
The calibrated range for XNCR over 63 trading days is $22.02 to $45.97. It sits around the last close, and its width comes from the volatility that XNCR's own options imply (111% a year), calibrated weekly against realised prices (n = 6,661 past valuations, refreshed 31 Oct 2026). Ranges built this way held the price 60% of the time at this horizon. The fair value is the model's opinion and rides beside the range. It is not the centre of it.
The model's own simulated range, from the 20th to the 80th percentile of its runs, is $22.53 to $46.51. In 59% of the simulations the fair value came out above the price the model ran on.
The Global Pulse
Faircurve's note after each US session, in your inbox. No account needed.
When does XNCR report earnings, and how has the stock reacted?
Options prices on 4 Nov 2026 imply a move of about 22.2% in either direction through the nearest expiry, about 15 days out. That is the size the market is pricing, not a direction. XNCR's 30 day implied volatility works out to about 32.1% over one month.
On 4 Nov 2026 XNCR moved 14.3% in one session, against the 5.9% a day that options had priced: 2.4 times the implied size, around an earnings report.
How XNCR moved around its last 8 earnings reports
Each move runs from the last close before the report to the first close after it, so it covers companies that report before the open and after the close. The median size across these 8 reports, ignoring direction, was 6.9%.
| Report date | Two session move |
|---|---|
| 5 Aug 2026 | +0.4% |
| 6 May 2026 | -4.2% |
| 25 Feb 2026 | +14.7% |
| 5 Nov 2025 | +2.2% |
| 6 Aug 2025 | -7.9% |
| 27 Feb 2025 | +6.8% |
| 6 Nov 2024 | +7.7% |
| 5 Aug 2024 | -6.9% |
How does XNCR score on business quality?
Xencor's overall quality score is 37 out of 100. Each factor below is a score against comparable companies, not a percentile of the metric beside it.
| Factor | Score (0 to 100) | Headline measure | Peer median |
|---|---|---|---|
| ProfitabilityReturn on invested capital against the peer group, with a bonus for an improving trend. | 43 | -41.3%ROIC | -68.3% |
| Earnings qualityHow much of reported profit is cash: free cash flow to net income, and the accrual ratio (the share of earnings that is not cash). | 0 | ||
| Growth qualityTrailing revenue growth, forward growth from consensus, and the direction of analysts' rating changes. | 64 | 13.7%Revenue growth, trailing | 20.0% |
| Capital disciplineReinvestment efficiency (capital spending per unit of revenue) and net buybacks. | 60 | 0.0%Net buybacks / market value | 0.0% |
| Balance sheetNet debt to EBITDA and interest coverage. | 55 | -0.17xNet debt / EBITDA | |
| StabilityDownside volatility of the EBITDA margin over the last five years. | 0 | 52.2 ptsEBITDA margin downside volatility, 5y |
How does XNCR compare with similar companies?
The companies in biotechnology closest to Xencor in market value, each on the same model and the same date.
| Company | Last close | Model fair value | Gap | Model verdict |
|---|---|---|---|---|
| HRMY Harmony Biosciences Holdings, Inc. | $37.02 | $38.98 | +5.3% | Low evidence grade |
| RCUS Arcus Biosciences, Inc. | $18.91 | $16.43 | -13.1% | Fairly valued |
| VCEL Vericel Corporation | $41.09 | $46.61 | +13.4% | Fairly valued |
| FTRE Fortrea Holdings Inc. | $20.95 | $26.04 | +24.3% | Undervalued |
| SRPT Sarepta Therapeutics, Inc. | $18.54 | $22.32 | +20.4% | Low evidence grade |
| ADMA ADMA Biologics, Inc. | $11.11 | $13.32 | +19.9% | Undervalued |
| VIR Vir Biotechnology, Inc. | $11.22 | $12.12 | +8.0% | Fairly valued |
| INVA Innoviva, Inc. | $20.93 | $22.92 | +9.5% | Low evidence grade |
What the comparable companies' multiples alone would give for XNCR, the peer-implied price, is $49.26 a share on this run. The fair value weighs that against the company's own multiple.
Xencor at a glance
Xencor Inc., a biopharmaceutical firm headquartered in Monrovia, California, and established in 1997, operates as a clinical-stage entity.
- Market value
- $2.2B
- Sector
- Healthcare
- Industry
- Biotechnology
- Revenue expected, next twelve months
- $126M
- Consensus revenue growth, next fiscal year
- +18.5%
- Analysts with estimates
- 11
- Beta to the US market
- 1.01
- First valued by Faircurve
- 11 Jul 2026
How the fair value is worked out: the model prices Xencor on the value of the whole business, debt included, against the revenue analysts expect next year (forward EV/Sales), runs 2,000 simulations across its inputs and takes the midpoint. The full method is documented here.
What changed in the latest valuation?
On 24 Oct 2026 the model's fair value for XNCR was $24.46. As of 31 Oct 2026 it is $33.00, a change of +34.9%. The peer group changed: most of the move. The model revalues every stock it covers each week, and again after an earnings report.
Questions about Xencor's valuation
Is Xencor stock undervalued or overvalued?
Faircurve's model puts XNCR's fair value at $33.00 a share against a last close of $30.64, as of 31 Oct 2026. The inputs behind this valuation are under review, so no verdict is shown.
What is XNCR's fair value?
$33.00 a share as of 31 Oct 2026, the midpoint of 2,000 simulations. The model's own 20th to 80th percentile range is $22.53 to $46.51.
What price range does the model give XNCR?
$22.02 to $45.97 over 63 trading days. Ranges built this way held the price 60% of the time across 6,661 past valuations, refreshed 31 Oct 2026.
How much has XNCR moved on past earnings reports?
Across its last 8 reports the median two session move was 6.9%, ignoring direction. The largest was +14.7% around the report of 25 Feb 2026.
How confident is the model in this valuation?
The model's evidence grade for XNCR is low. The grade looks at how complete the inputs are, how many comparable companies there are and how closely they agree, and how wide the range of outcomes is. It is not a probability that the fair value is right, or that the price reaches it.