Xencor price target lowered to $15 from $32 at RBC Capital

RBC Capital lowered the firm’s price target on Xencor (XNCR) to $15 from $32 and keeps an Outperform rating on the shares after its Q2 results. RBC believes that the stock’s current share prices are underappreciating three pillars of Xencor’s business – IBD led by ‘942 with potential for convenience advantages, an immunology program led by plamotamab which may have deep, durable B-cell depletion while maintaining a clean safety profile, and a bispecific platform in oncology where the upcoming ENPP3 data may be derisking, even though it is acknowledging the risks from limited data across these programs, fewer near-term catalysts outside of oncology that can drive an inflection, and the need to progress development quickly, the analyst tells investors in a research note.