Xencor downgraded to Neutral at BofA on long development timelines

As previously reported, BofA downgraded Xencor (XNCR) to Neutral from Buy with a price target of $12, down from $23. The firm sees catalyst flow picking up for its small-to-mid sized biotech coverage heading into early 2026, but would deprioritize stocks without near-term catalysts given the environment it would argue “has been more rewarding for positive clinical data than in recent years.” For Xencor in particular, the firm sees long development timelines “cautioning investors on upside.”