JPMorgan downgrades Xencor on lack of ‘needle-moving’ catalysts

JPMorgan downgraded Xencor (XNCR) to Neutral from Overweight with a price target of $13, down from $18. The firm sees 2026 as more of a clinical execution year for Xencor. XmAb819’s first clear cell renal cell carcinoma data were “encouraging,” but questions remain on differentiation in the post immuno-oncology setting and the ability to combine and secure a spot in earlier lines, the analyst tells investors in a research note. JPMorgan believes Xencor needs greater clarity “on the pace of execution and truly needle-moving catalysts” for the shares to move higher. As such, it expects the shares to be range-bound.