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PASADENA, Calif. - Xencor, Inc. (NASDAQ:XNCR) announced Thursday the appointment of Raymond J. Deshaies, Ph.D., to its board of directors. Dr. Deshaies previously served as senior vice president of global research at Amgen Inc., where he oversaw the nomination of over 50 clinical candidates. The appointment comes as Xencor maintains a strong liquidity position, with InvestingPro data showing the company holds more cash than debt and maintains a healthy current ratio of 5.89x.
During his tenure at Amgen, Deshaies led the expansion of capabilities for discovering multispecific drug candidates and applied generative protein design to biologics discovery. He completed his service at Amgen as a distinguished fellow.
"Ray holds a deep understanding of biological mechanisms and has a long track-record of translating cutting-edge scientific insights into transformative medicines for patients," said Bassil Dahiyat, Ph.D., president and chief executive officer at Xencor, according to the company’s press release.
Prior to joining Amgen in 2017, Deshaies was a professor in the Division of Biology and Biological Engineering at the California Institute of Technology, where he remains an external affiliate. He co-founded Proteolix in 2003, which discovered carfilzomib, a selective proteasome inhibitor for treating advanced multiple myeloma.
Deshaies later founded Cleave Biosciences, focusing on protein homeostasis pathways. He has co-authored over 170 scientific papers and is recognized as a leader in protein homeostasis and targeted protein degradation.
His academic credentials include election to the American Academy of Arts and Sciences in 2011 and the National Academy of Sciences in 2016. Deshaies earned his B.S. in biochemistry from Cornell University and his Ph.D. from the University of California, Berkeley.
Xencor is developing engineered antibodies for cancer and autoimmune diseases, with more than 20 candidates using its XmAb technology currently in clinical development. With a market capitalization of approximately $596 million and revenue of $127 million in the last twelve months, the company faces near-term challenges, as InvestingPro data indicates analysts expect sales to decline in the current year. Access the comprehensive Pro Research Report for deep-dive analysis of Xencor’s financial health and growth prospects.
In other recent news, JPMorgan analyst Brian Cheng has revised the price target for Xencor, Inc. to $20 from a previous $23, while maintaining an Overweight rating on the stock. This adjustment follows Xencor’s recent focus on the immunological aspects of its research and development portfolio. The company’s recent update from the Phase 1 XmAb942 (TL1A) program was a key factor in this revision. Looking ahead, significant developments for Xencor include the anticipated commencement of the Phase 2b XENITH-UC study in the latter half of the year. Furthermore, the First-In-Human trial for the bispecific (TL1AxIL-23) program is expected to begin next year. These upcoming milestones are expected to be pivotal for the company. The analyst’s insights are based on a recent discussion with Xencor’s CEO.
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