Xencor (XNCR) PT Raised to $63 at Piper Sandler After Presenting Preclinical Data on 4 New Programs
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Piper Sandler analyst Edward Tenthoff raised the price target on Xencor, Inc. (NASDAQ: XNCR) to $63.00 (from $60.00) after the company presented preclinical data on four wholly-owned bispecific antibodies at AACR. The company unveiled two XmAb 2+1 bispecifics, CLND6xCD3 (#1860) and GPC3xCD3 (#1831), a PD-L1xCD28 bispecific (#1880) and new XmAb cytokine IL-12-Fc (#1743). The 2+1 format increases avidity for specific binding to target tumors with high antigen density, mitigating binding of healthy cells with low antigen expression and thereby reducing toxicity. The CD28 bispecific program was introduced at SITC and offers more potent T-cell activation over CD3. Lastly, IL-12 Fc-fusion builds on learnings from IL-15 cytokine, RG6323. Genentech, the company's partner, could report first-in-man Phase I data this year.
The analyst reiterated an Overweight rating, stating "We reiterate our Overweight rating and are increasing our price target to $63 from $60 by adding value for 4 newly announced XmAb bispecific programs at AACR. Our increased $63 price target is based on an increased projected enterprise value of $3.31 billion, up from $3.11 billion. Today we are adding $50 million each for preclinical XmAb bispecifics CLND6 x CD3, GPC3 x CD3, PD-L1 x CD28 and XmAb cytokine IL-12 Fc. All other programs values remain unchanged."
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