Xencor price target lowered to $33 from $37 at Wells Fargo

Wells Fargo lowered the firm’s price target on Xencor (XNCR) to $33 from $37 and keeps an Overweight rating on the shares. The firm thought Thursday’s update was positive, with vudalimab cut from the pipeline and more focus on the higher value programs. With key data still coming in 2025, Wells thinks this is an attractive entry point.