Xencor price target raised to $15 from $14 at BofA

BofA raised the firm’s price target on Xencor (XNCR) to $15 from $14 and keeps a Neutral rating on the shares after the company shared results from XmAb819 in a Phase 1 dose escalation study in ccRCC at the Triple Meeting. The firm, which sees promise in the pipeline but sees early dose escalation readouts as unlikely to be conclusive, updated its model to increase peak penetration for XmAb819 to 15% from 13% and probability of success from 18% to 22%, the analyst noted.