Wedbush analyst David Nierengarten reiterated an Outperform rating and raised his price target on Xencor, Inc. (NASDAQ: XNCR) to $27.00 (from $22.00) following Q2 results, noting the rich pipeline continues to advance.

Nierengarten commented, "Additional cohorts to commence in Ph 1a study of XmAb7195. XNCR recently revealed the addition of three additional healthy volunteer cohorts who will receive two doses of ‘7195. Positive results from these subjects, expected in 1H:16 along with results from the fully enrolled Part 2 (healthy subjects with elevated serum IgE), will support a Ph 1 trial with a subcutaneous formulation of ‘7195 in 2016. In January, the company reported results from Part 1 of the study, with ‘7195 demonstrating rapid reduction of total and free IgE to below detectable levels (<4 IU/mL) in up to 90% of volunteers, including two subjects with IgE levels exceeding 400 IU/mL at the beginning of the study. We believe ‘7195’s multipronged mechanisms of action strongly differentiates it from Xolair and will allow treatment of the full spectrum of the asthmatic population – Xolair is contraindicated in patients with IgE levels >1300 IU/mL."

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Shares of Xencor, Inc. closed at $22.12 yesterday.