Xencor price target raised to $34 from $31 at RBC Capital

RBC Capital raised the firm’s price target on Xencor to $34 from $31 and keeps an Outperform rating on the shares after meeting with its management team. The discussion focused on the rationale and the designs of the newly added programs – TL1A, CD19/CD20 TCEs – which should play to Xencor’s protein engineering and TCE strengths, the analyst tells investors in a research note. Given the “sharpened focus” and more shots of goal for valuation expansion, the firm is incorporating the new immunology programs into its model, RBC added.