Xencor price target raised to $14 from $12 at BofA

BofA raised the firm’s price target on Xencor (XNCR) to $14 from $12 and keeps a Neutral rating on the shares. Initial data for XmAb819, Xencor’s T-cell engager for treatment of clear cell renal cell carcinoma, has drawn investor attention, notes the analyst, who increased the firm’s view of the odds of success and peak market share for XmAb819 to reflect what it sees to be “a larger value-driving readout at the triple meeting.” However, the firm adds that it still sees “work to be done” to prove out the benefit of Xencor’s revamped pipeline in later-stage trials, even if early data looks positive.