BMO Capital lowered the firm’s price target on Xencor to $32 from $34 but keeps an Outperform rating on the shares. The firm is updating its model to reflect the loss of plamotamab royalties as the company announced Johnson & Johnson (JNJ) termination of its rights to plamotamab, giving worldwide rights back to Xencor, the analyst tells investors in a research note. BMO maintains a positive view on the stock however and sees shares supported by a durable royalty stream and several clinical programs that provide upside optionality to the investment story, the firm added.
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