Xencor price target lowered to $34 from $36 at Wedbush

Wedbush lowered the firm’s price target on Xencor to $34 from $36 and keeps an Outperform rating on the shares after the company reported Q4/FY23 financial results and presented encouraging monotherapy data for vudalimab in mCRPC. Wedbush finds the results intriguing not only because of the high response rate among heavily pretreated patients, all of which had measurable disease, but also because of the lack of significant hematologic toxicity which supports a nonoverlapping AE profile for docetaxel combinations and/or sequencing relative to Pluvicto or other radioligand therapies.