Xencor downgraded to Neutral at Piper after death of patient using vudalimab

As previously reported, Piper Sandler downgraded Xencor to Neutral from Overweight with a price target of $24, down from $37, following news that in the Phase 2 monotherapy study of vudalimab in heavily pre-treated metastatic castration-resistant prostate cancer one patient died due to autoimmune hepatitis. Xencor is discontinuing development of XmAb564 in autoimmune disease and XmAb662 in cancer, noted the analyst, who also cites limited clincal data being due this year in the downgrade.