Xencor Inc

In the Stage 2 advancing phase, XNCR has broken out above resistance on expanding volume and remains in an uptrend, but is currently extended and overbought above rising EMAs. Medium-term bias is bullish, but short-term timing is unfavorable after the move. We will Stalk for a pullback into the 9EMA or 20EMA, where buy-side interaction is structurally appropriate.

• ↑$697 million cash supports operations and trials through 2027
• ↑XF819 showed 25% response rate and 70% disease control; Phase 3 starts 2024
• ↓Negative profitability and earnings yield raise concerns over returns