Raymond James Upgrades Xencor, Inc. (XNCR) to Outperform
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Raymond James analyst Dane Leone upgraded Xencor, Inc. (NASDAQ: XNCR) from Market Perform to Outperform with a price target of $58.00.
The analyst comments "We are upgrading our recommendation of Xencor from Market Perform to Outperform and establishing a $58 price target. Our thesis is predicated on three key points: 1) combination of plamotamab plus Monjuvi creates a direct commercial angle within an increasingly crowded field of CD20 bispecific antibodies; 2) the XmAb306 (IL-15) program in partnership with Genentech is not currently reflected within valuation and could be nearing disclosure of initial clinical data during 2021; and 3) the validated protein engineering platform funded by royalties provides capital efficient optionality for earlier programs within oncology and immunology. The historical overhang on the stock has centered around the internal pipeline and willingness to move ahead as a clinical stage biotech, both of which we anticipate being removed as headwinds during 2021."
Shares of Xencor, Inc. closed at $48.35 yesterday.
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