Rhenman & Partners Asset Management AB Purchases 107428 Shares of Xencor Inc (XNCR)

AQR Capital Management LLC raised its holdings in shares of Xencor by 105.6% during the third quarter. AQR Capital Management LLC now owns …

Xencor logoRhenman & Partners Asset Management AB increased its position in shares of Xencor Inc (NASDAQ:XNCR) by 49.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 325,965 shares of the biopharmaceutical company’s stock after acquiring an additional 107,428 shares during the period. Rhenman & Partners Asset Management AB owned about 0.58% of Xencor worth $10,124,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its holdings in shares of Xencor by 5.2% during the third quarter. JPMorgan Chase & Co. now owns 251,155 shares of the biopharmaceutical company’s stock worth $9,787,000 after acquiring an additional 12,320 shares in the last quarter. Tower Research Capital LLC TRC purchased a new stake in shares of Xencor during the third quarter worth $142,000. Tekla Capital Management LLC purchased a new stake in shares of Xencor during the fourth quarter worth $2,031,000. AQR Capital Management LLC raised its holdings in shares of Xencor by 105.6% during the third quarter. AQR Capital Management LLC now owns 63,061 shares of the biopharmaceutical company’s stock worth $2,457,000 after acquiring an additional 32,389 shares in the last quarter. Finally, 361 Capital LLC purchased a new stake in shares of Xencor during the fourth quarter worth $2,596,000. Institutional investors and hedge funds own 84.71% of the company’s stock.

NASDAQ XNCR opened at $31.62 on Thursday. Xencor Inc has a fifty-two week low of $27.57 and a fifty-two week high of $48.38. The stock has a market cap of $1.78 billion, a price-to-earnings ratio of -24.14 and a beta of 1.40.

Several analysts recently issued reports on XNCR shares. Raymond James initiated coverage on Xencor in a report on Thursday, March 14th. They set an “outperform” rating and a $27.85 price objective for the company. BidaskClub upgraded Xencor from a “hold” rating to a “buy” rating in a report on Tuesday, January 1st. Piper Jaffray Companies raised their target price on Xencor to $56.00 and gave the company an “overweight” rating in a report on Tuesday, February 26th. Cantor Fitzgerald restated a “buy” rating and set a $40.00 target price on shares of Xencor in a report on Tuesday, February 5th. Finally, ValuEngine lowered Xencor from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 28th. Two research analysts have rated the stock with a sell rating and nine have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $41.43.

In related news, major shareholder John S. Stafford III bought 2,000 shares of the business’s stock in a transaction on Friday, March 22nd. The shares were bought at an average cost of $29.96 per share, for a total transaction of $59,920.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder John S. Stafford III bought 1,100 shares of the business’s stock in a transaction on Monday, March 18th. The shares were bought at an average price of $29.90 per share, for a total transaction of $32,890.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 46,900 shares of company stock worth $1,368,396. Corporate insiders own 4.70% of the company’s stock.

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Xencor Company Profile

Xencor, Inc, a clinical stage biopharmaceutical company, focuses on the discovery and development of engineered monoclonal antibody and other protein therapeutics to treat severe and life threatening diseases with unmet medical needs. It develops its antibody product candidates to treat autoimmune and allergic diseases, cancer, and other conditions.

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Institutional Ownership by Quarter for Xencor (NASDAQ:XNCR)

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Major Bank CEOs Testify at US Congress, Topics Include Blockchain and Crypto

Among many topics spanning the breadth of the banking industry, the CEOs and lawmakers discussed blockchain technology and cryptocurrencies.

Chief executive officers of leading bankstestified before the United States House of Representatives Financial Services Committee on April 10 on how the banking industry has transformed since the 2008 financial crisis. Among many topics spanning the breadth of the banking industry, the CEOs and lawmakers discussed blockchain technology and cryptocurrencies.

During his allotted time for questioning, Rep. Warren Davidson (R) argued that the industry is entering into a new era of innovation, wherein blockchain technology is transforming existing financial systems, as well as cybersecurity. Davidson also noted that the U.S. is currently staggering behind due to regulatory certainty issues.

Davidson addressed Jamie Dimon, chairman and CEO of one of the largest financial institutions in the U.S. JPMorgan Chase (JPM), stressing that back in 2017, Dimon called cryptocurrencies “not a real thing,” while this year JPM unveiled “JPM Coin” and stated that “we are supportive of cryptocurrencies as long as they are properly controlled and regulated.”

In response, Dimon said that blockchain will work over time, adding:

“The part that is not real is that cryptocurrency is not supported by anything, there is no value behind it other than what the next personal pay.”

Davidson also addressed the Chairman and CEO of the Bank of New York Mellon, Charles Scharf, noting that the company’s website states lack of regulatory clarity as a barrier to providing custody for digital assets. Scharf said:

“Cryptocurrencies are very early in their existence. They are not significant today to speak of in terms of being used as a real currency to move value, and so we are actively thinking about what we want to do. One of the biggest issues that we have relates to any money laundering and KYC [Know Your Customer].”

Other topics included the banks’ role in the housing market crash, bank financing for private prisons and even their equality and diversity policies. Rep. Alexandria Ocasio-Cortez noted fines the banks paid for disproportionately low salaries for minority and female employees.

Yesterday, representatives in the U.S. House of Representatives, including Rep. Davidson, reintroduced the Token Taxonomy Act (TTA). The bill would exclude cryptocurrency from being classified as a security. The act pursues the introduction of regulatory certainty for businesses and regulators in the U.S. blockchain industry, as well as clarifying conflicting state initiatives and regulatory rulings that have confused the issue.

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Congress Grills Bank CEOs On Systemic Risks, Russia, Executive Compensation

So-called “shadow banks,” or unregulated financial technology companies that sell financial products, were also mentioned as risks. Many of these …

For the first time since the financial crisis in 2008, the CEOs of the largest U.S. banks appeared before Congress on Wednesday to answer questions regarding the size and safety of America’s financial institutions.

JPMorgan Chase & Co. (NYSE: JPM) CEO Jamie Dimon, Bank of America Corp (NYSE: BAC) CEO Brian Moynihan and Citigroup Inc (NYSE: C) CEO Michael Corbat were among the group that answered questions.

Safer System

Across the board, the big bank CEOs said Americans are much safer from systemic risks than they were a decade ago.

“There is no doubt that the strength, stability and resiliency of the financial system has been fundamentally improved over the course of the last ten years,” Dimon said. “Post-crisis reforms have made banks much safer and sounder in three important areas: capital, liquidity and resolution and recovery.”

U.S. banks have added more than $800 billion in aggregate capital to help shore up the financial system. Banks are also now subject to annual stress tests and must get their capital return plans approved by the Federal Reserve.

In addition, most of the executives emphasized how their businesses are smaller in scope and fare less complex than they were back in 2008.

“Since the crisis, Citi has become a smaller, safer, stronger, and far less complex institution,” Corbat said.

Biggest Risks

When asked what is the biggest risk to the financial system today, the CEOs named cybersecurity, slowing economic growth, the growing non-banking segment of the financial industry and negative investor sentiment as the greatest threats. Dimon also said global competitiveness and lack of infrastructure spending are key headwinds for the U.S. economy.

So-called “shadow banks,” or unregulated financial technology companies that sell financial products, were also mentioned as risks. Many of these fintech companies are direct competitors to traditional banks.

Dimon said a big bank collapse like Lehman Brothers would never happen in today’s environment. However, he said unregulated non-bank mortgage lenders could pose a major threat.

Other Key Topics

The CEOs were also asked about potential Russian money laundering in their customers’ accounts after Deutsche Bank AG (NYSE: DB) paid a $630 million fine related to allegations of money laundering. The CEOs of Bank of America, Citigroup and Morgan Stanley (NYSE: MS) all said they have reviewed account holders to attempt to identify suspicious activity. Moynahan and Morgan Stanley CEO James Gorman said they have not found any such activity, while Corbat said he is unable to comment on ongoing investigations.

Congress also grilled the bank CEOs for the pay gap between employees and executives. Bank of America announced this week it’s raising its minimum wage to $20 per hour, but Corbat’s 2018 salary of $24 million was still more than 400 times the average wage of a Citigroup employee.

The executives were also asked about supporting a bill to restrict banks from manipulating the order in which debit transactions are charged to maximize overdraft fees. Dimon and Moynihan were the only two that said they would support such a bill.

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Photo credit: Steve Jurvetson, via Wikimedia Commons

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CEOs of big banks defend more resilient financial system since crash

… “shadow banks,” which is a term used to describe non-bank companies getting into financial products, particularly financial technology companies.

NEW YORK (AP) — The heads of seven of the largest banks in the U.S. fielded sometimes contentious questions from a House committee Wednesday, some dealing with current risks to the financial system and other focused on more politically charged topics.

The appearance by the chief executives of JPMorgan Chase and Goldman Sachs and five other banks represented the largest gathering of leaders of the banking industry before Congress since the financial crisis.

The CEOs told members of the House Financial Services Committee they’ve taken steps to improve the stability of their institutions since the financial system nearly seized up in 2008. The banks have raised capital, are more diverse, and are more resilient than they were before the financial crisis, the CEOs said.

“There is no doubt that the strength, stability and resiliency of the financial system has been fundamentally improved over the course of the last 10 years,” said Jamie Dimon of JPMorgan. “Post-crisis reforms have made banks much safer and sounder in three important areas: capital, liquidity and resolution and recovery.”

The backdrop of this hearing is the 10-year anniversary of the 2008-2009 financial crisis. The banking system required extraordinary efforts by regulators — and a bailout by U.S. taxpayers — in order to survive. All seven banks appearing in front of Congress received funds under the $700 billion Troubled Asset Relief Program, and all paid billions of dollars in penalties and fines for their behavior heading into the housing bubble.

“I am concerned that several of these institutions are simply too big to manage their own operations, too big to serve our communities and too big to care about the harm they have caused,” said Rep. Maxine Waters, D-California, who is the chair of the Financial Services Committee.

The hearing had some policy questions, but many members of Congress took their time to ask politically charged questions of the CEOs, on topics from gun regulations and executive compensation. Democrats took their time to laud Bank of America and Citigroup’s decision not to finance gun manufacturing companies, while Republicans took their turns to lambast them.

Rep. Jim Himes, D-Connecticut, asked all CEOs what they considered to be the products or businesses most at risk in the banking system. No CEOs mentioned home mortgages — the product that caused the 2008 financial crisis — but instead the two dominant answers were cybersecurity risks and growth of leveraged corporate lending, or lending to companies with already large debtloads. Another threat mentioned was “shadow banks,” which is a term used to describe non-bank companies getting into financial products, particularly financial technology companies.

A Republican congressman, Steve Stivers of Ohio, asked the CEOs what they considered the biggest non-business risks to the banking system. The CEOs talked about how economic growth is slowing across the globe, and again mentioned cybersecurity as a big risk to the banking industry.

Along with Dimon, among those appearing are David Solomon of Goldman and Brian Moynihan of Bank of America. The CEOs of Citigroup, Bank of New York Mellon, State Street and Morgan Stanley are also testifying. One executive not at the hearing is Tim Sloan, who resigned from his position at Wells Fargo last week, days after a separate appearance before the same committee.

Of the group, only one is still running the same firm as he was 10 years ago: Dimon. All other CEOs at the other firms were replaced either shortly after the financial crisis, or their predecessors decided to retire in the last year.

The hearing comes after the banking industry had a record year for profits in 2018, thanks partly to the tax cuts passed by Republicans in late 2017. Meanwhile, the banking industry’s lobbyists have been pushing Congress to further unwind the rules and regulations put into place after the 2008 financial crisis.

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Rosehill Resources Inc (ROSE) Receives Average Recommendation of “Buy” from Analysts

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quantum Capital Management raised its holdings in …

Rosehill Resources logoShares of Rosehill Resources Inc (NASDAQ:ROSE) have been given an average rating of “Buy” by the eight ratings firms that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and five have given a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $10.00.

Several brokerages recently issued reports on ROSE. Stifel Nicolaus set a $10.00 price target on shares of Rosehill Resources and gave the stock a “buy” rating in a research report on Sunday, December 23rd. Zacks Investment Research upgraded shares of Rosehill Resources from a “hold” rating to a “buy” rating and set a $3.50 price target on the stock in a research report on Wednesday, January 16th. Finally, Northland Securities reiterated a “buy” rating and set a $8.00 price target on shares of Rosehill Resources in a research report on Friday, March 8th.

Shares of NASDAQ:ROSE traded down $0.25 on Friday, hitting $3.56. The stock had a trading volume of 2,210 shares, compared to its average volume of 90,778. Rosehill Resources has a twelve month low of $1.95 and a twelve month high of $9.44. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market capitalization of $135.06 million, a PE ratio of 16.95 and a beta of 2.98.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quantum Capital Management raised its holdings in Rosehill Resources by 165.6% during the 4th quarter. Quantum Capital Management now owns 914,288 shares of the company’s stock worth $2,039,000 after purchasing an additional 570,059 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Rosehill Resources by 287.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 508,303 shares of the company’s stock valued at $3,101,000 after acquiring an additional 377,066 shares during the last quarter. Key Square Capital Management LLC bought a new stake in shares of Rosehill Resources in the 3rd quarter valued at about $3,050,000. Q Global Advisors LLC increased its stake in shares of Rosehill Resources by 155.7% in the 4th quarter. Q Global Advisors LLC now owns 418,823 shares of the company’s stock valued at $934,000 after acquiring an additional 255,000 shares during the last quarter. Finally, Luminus Management LLC bought a new stake in shares of Rosehill Resources in the 3rd quarter valued at about $2,488,000. Institutional investors and hedge funds own 12.75% of the company’s stock.

About Rosehill Resources

Rosehill Resources Inc, an independent oil and natural gas company, focuses on the acquisition, exploration, development, and production of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. As of December 31, 2018, its portfolio included 67 gross operated producing horizontal wells in the Northern Delaware Basin and 4 gross operated producing horizontal wells in the Southern Delaware Basin; and working interests in approximately 6,665 gross acres in the Northern Delaware Basin and 9,219 gross acres in the Southern Delaware Basin, as well as 513 gross operated and 53 non-operated potential horizontal drilling locations in the Northern and Southern Delaware Basin.

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Analyst Recommendations for Rosehill Resources (NASDAQ:ROSE)

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