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

Investing.com - RBC Capital has raised its price target on Xencor, Inc. (NASDAQ:XNCR) to $18.00 from $15.00 while maintaining an Outperform rating on the stock. The company, currently valued at $1.02 billion, has seen a notable 40.5% price increase over the past six months, with seven analysts recently revising their earnings estimates upward according to InvestingPro data.

The revision follows Xencor’s presentation of Phase I data for its XmAb819 anti-ENPP3/antiCD3 bispecific antibody in clear cell renal cell carcinoma (ccRCC) at the AACR-NCI-EORTC conference.

RBC Capital noted that the drug demonstrated a 25% objective response rate in heavily pretreated patients, which the firm believes indicates competitive efficacy potential in the market.

The investment bank highlighted the drug’s manageable cytokine release syndrome profile, with only 6% Grade 3 events at target dose ranges, suggesting potential for outpatient administration and broad clinical use.

Based on these clinical results, RBC Capital has increased its probability of success for XmAb819 in its financial models, identifying a potential revenue opportunity exceeding $750 million for the therapy. For deeper insights into Xencor’s financial health and growth prospects, access the comprehensive Pro Research Report available exclusively on InvestingPro.

In other recent news, Xencor, Inc. reported promising initial results from its Phase 1 trial of XmAb819, a bispecific antibody targeting ENPP3, in patients with advanced clear cell renal cell carcinoma. The trial results showed a 25% response rate among heavily pre-treated patients, with a disease control rate reaching 70%. Xencor has selected its first dose-expansion cohort and is continuing dose escalation to identify a second expansion cohort. Additionally, the company plans to present these findings at the AACR-NCI-EORTC Conference on Molecular Targets and Cancer Therapeutics in Boston. Ahead of this presentation, Xencor will host a conference call and webcast to discuss the preliminary results. Cantor Fitzgerald has maintained an Overweight rating on Xencor, with a price target of $40.00, citing a strong outlook for the upcoming webcast. The firm noted that early negative reactions to a placeholder abstract were based on outdated data, which Xencor has since clarified. These developments highlight Xencor’s ongoing efforts in advancing its cancer treatment research.

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