Senior Vice President and Chief Financial Officer Bart Jan Cornelissen sold 3,499 shares of Xencor Inc. (NASDAQ:XNCR) common stock on April 10, 2026, at a price of $12.2865 per share. The transaction produced gross proceeds of $42,990.
A Form 4 filing with the Securities and Exchange Commission indicates the share disposition was executed to cover withholding taxes associated with the vesting of 14,088 restricted stock units. After the sale, Cornelissen directly holds 75,898 shares of Xencor stock.
Separately, Xencor is engaged in a royalty dispute with Alexion Pharmaceuticals related to U.S. sales of the drug Ultomiris. Alexion has notified Xencor that it will stop remitting royalties on U.S. sales while continuing to pay royalties on sales outside the United States. Xencor has said it is actively pursuing a resolution to the payment disagreement.
Market feedback on Xencor has been mixed. JPMorgan moved its rating on the company from Overweight to Neutral, citing concerns about execution and the need for clearer clinical strategy. Analyst Brian Cheng called 2026 an important year for clinical execution and raised questions about the company’s XmAb819 program.
In contrast, Truist Securities reaffirmed a Buy rating on Xencor with a price target of $29. Truist highlighted growing momentum in the TL1A×IL-23p bispecifics space and pointed to industry developments such as a major acquisition by Boehringer Ingelheim and a financing event involving Caldera as supportive context.
The combination of an insider sale to meet tax obligations, an ongoing royalty payment dispute in the key U.S. market, and divergent analyst views creates a nuanced near-term outlook for Xencor as the company balances operational execution with market expectations.
Summary of transaction and recent developments
- CFO Bart Jan Cornelissen sold 3,499 shares at $12.2865 on April 10, 2026, totaling $42,990.
- Sale was to satisfy withholding taxes on the vesting of 14,088 restricted stock units; Cornelissen now directly owns 75,898 shares.
- Xencor is in a royalty dispute with Alexion over U.S. Ultomiris sales; Alexion continues to pay royalties outside the U.S.
- Analyst responses diverge - JPMorgan downgraded to Neutral citing execution and clinical strategy concerns, while Truist kept a Buy rating with a $29 price target.