William Blair analyst Matt Phipps has reiterated their bullish stance on XNCR stock, giving a Buy rating yesterday.
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Matt Phipps has given his Buy rating due to a combination of factors related to Xencor’s promising developments in their lead solid tumor T-cell engagers (TCEs). The company presented encouraging initial Phase I data for XmAb819 in clear cell renal cell carcinoma, demonstrating proof of concept with a response rate exceeding 20% and manageable safety profile. This is particularly significant given the limited treatment options available for patients who have progressed on standard therapies.
Additionally, the positive clinical efficacy data for XmAb541 further supports the potential for significant value creation. These developments have led to an increased probability of success for both programs, prompting an upward revision of the company’s fair value to just under $25. The combination of promising clinical data and the potential for blockbuster sales underpins the Buy rating, as these assets could drive substantial growth for Xencor.
In another report released yesterday, Wells Fargo also maintained a Buy rating on the stock with a $27.00 price target.