Xencor price target lowered to $32 from $34 at RBC Capital

RBC Capital lowered the firm’s price target on Xencor (XNCR) to $32 from $34 and keeps an Outperform rating on the shares after its Q4 results. The key update in the quarter is the pause in vudalimab’s further development, which is a net positive for eliminating potential data overhang and enabling more optimal resource prioritization, though the firm’s new price target is removing vudalimab’s contribution, the analyst tells investors in a research note.