Xencor price target raised to $18 from $15 at RBC Capital

RBC Capital analyst Gregory Renza raised the firm’s price target on Xencor (XNCR) to $18 from $15 and keeps an Outperform rating on the shares. The firm cites the company’s phase 1 data on XmAb819 anti-ENPP3/anti-CD3 bispecific antibody in ccRCC at the AACR-NCI-EORTC conference, noting that its 25% Objective Response Rate in heavily pretreated patients is indicative of a drug that can compete on efficacy, while the manageable CRS – Cytokine Release Syndrome – with a generally well-tolerated profile should enable broad use and potential for outpatient administration, the analyst tells investors in a research note.