Xencor price target lowered to $31 from $32 at RBC Capital

RBC Capital lowered the firm’s price target on Xencor (XNCR) to $31 from $32 and keeps an Outperform rating on the shares. The announcement that the company will regain exclusive worldwide rights to plamotamab following Janssen (JNJ) termination of its rights is “relatively benign” to the firm’s thesis given plamotamab’s small contribution and as plamotamab’s internal program has already been deprioritized, the analyst tells investors in a research note. Having followed up with the management, it appears that Xencor’s interest in potentially monetizing plamotamab for application in autoimmune diseases was part of the asset’s return, the firm added.