UPDATE: Xencor, Inc. (XNCR) PT Raised to $75 at Piper Sandler on Second Janssen Partnership
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Piper Sandler analyst Edward Tenthoff raised the price target on Xencor, Inc. (NASDAQ: XNCR) to $75.00 (from $63.00) after the company entered into a 2nd partnership with Janssen for plamotamab (CD20xCD3) and additional CD28 bispecifics.
The analyst reiterated an Overweight rating, stating "On closing, Xencor will receive $100 million cash upfront, a $25 million equity investment, up to $1.188 billion in milestones plus royalties. Xencor remains on track to initiate a Phase II study of plamotamab + Monjuvi + Revlimid in r/r DLBCL around YE:21. The two companies first partnered on a CD28 bispecific for prostate cancer last December. Xencor has initiated a Phase II mCRPC study of Vudalimab (XmAb717, PD1xCTLA4) and will update Phase I data at SITC in November. Partner Roche is conducting a Phase I study of RO7310729 (IL15/IL15Ra-Fc). Xencor is conducting a Phase I study of XmAb564 (IL-2-Fc) for autoimmune diseases. We estimate Xencor now holds pro forma cash of ~$729 million."
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