Canaccord Genuity analyst William Maughan maintained a Buy rating on Xencor (XNCR – Research Report) yesterday and set a price target of $38.00.
William Maughan has given his Buy rating due to a combination of factors surrounding Xencor’s recent developments and financial status. Among these, the initiation of the Phase 1 dose escalation study for XmAb541, a bispecific antibody targeting CLDN6-positive tumors, stands out as a significant milestone. This program is particularly appealing as it targets advanced ovarian cancer, suggesting the potential for a high-impact treatment option. Furthermore, the anticipation of an Investigational New Drug (IND) filing for an additional T-cell engager program within the year bolsters the attractiveness of Xencor’s pipeline, which Maughan views as having considerable promise, especially in the field of T-cell engagers.
Financially, Xencor’s receipt of $12.8 million in royalty revenue and a strong cash position of $646.7 million in cash, equivalents, and marketable debt securities also contribute to the positive outlook. Upcoming data catalysts throughout 2024 are expected to further solidify confidence in Xencor’s T-cell engager platform and may drive increased investor interest as the programs progress into later stages of development. Maughan’s enthusiasm for the company’s innovative approaches, such as the 2+1 bispecific format in its pipeline candidates, and the strategic targeting of difficult-to-treat tumors, underpin the Buy rating and a price target of $38.
In another report released yesterday, RBC Capital also maintained a Buy rating on the stock with a $32.00 price target.
XNCR’s price has also changed dramatically for the past six months – from $16.530 to $23.540, which is a 42.41% increase.
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Xencor (XNCR) Company Description:
Xencor, Inc. engages in the development of engineered monoclonal antibody therapeutics to treat severe and life-threatening diseases. Its proprietary technology platform, XmAb, is used to create next-generation antibody product candidates designed to treat autoimmune and allergic diseases, cancer, and other conditions. The company was founded by Bassil I. Dahiyat and Stephen L. Mayo in August 1997 and is headquartered in Monrovia, CA.
