Xencor initiated with an Overweight at Wells Fargo

Wells Fargo analyst Eva Fortea Verdejo initiated coverage of Xencor (XNCR) with an Overweight rating and $37 price target The firm doesn’t think the Street is pricing in enough value for Xencor’s pipeline opportunities, and key updates for both XmAb819 and XmAb942 should offer significant upside in the next 6-12 months. Further, Wells thinks the company’s multiple partnerships highly de-risks its approach to antibody drug design.