Xencor, Inc. (XNCR) PT Lowered to $38 at BTIG

BTIG analyst Kaveri Pohlman lowered the price target on Xencor, Inc. (NASDAQ: XNCR) to $38.00 (from $56.00) while maintaining a Buy rating.

The analyst comments "We are lowering our price target from $56 to $38 after recently hosting a KOL call with Dr. Petrylak where we discussed the mCRPC development landscape (link to the note HERE). Although his comments were not exclusive to Xencor, Dr. Petrylak shared that due to the historically lackluster data from naked checkpoint inhibitors in prostate cancer, he would like to see more data before getting too excited about CTLA4-targeting programs. Additionally, Dr. Petrylak commented on the importance of identifying the correct targetable patient population for CTLA4 targeting agents. To support his statement, Dr. Petrylak highlighted BMS' (BMY, Not Rated) nearly successful trial evaluating CTLA4 in patients who received one dose of radiation therapy. Notably, the trial would have been a positive study in patients with bone-only disease if it had been powered properly. We believe this demonstrates that CTLA4 inhibition does hold promise, and perhaps identification of the patient population that is likely to benefit the most from these agents is going to play a key role in defining their success. As a result, we believe vudalimab could become a viable monotherapy drug for a specific subtype(s) of mCRPC. However, additional data will be required to make go/no-go decisions for pivotal trials. For reference, Xencor is also evaluating vudalimab as a combination therapy with docetaxel. The company plans to provide data and its go-forward decision for this program in 1H25."

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