On Monday, Barclays (LON:BARC) reaffirmed its underweight rating on shares of Xencor, Inc. (NASDAQ:XNCR), with a steady price target of $22.00. The firm's position is influenced by anticipation of clinical data, particularly regarding Xencor's ventures into autoimmune diseases. While preclinical findings have shown promise, Barclays is looking forward to the release of clinical data to further assess the company's prospects.
The analyst from Barclays expressed interest in the preclinical data that suggests potential for Xencor's expansion into the treatment of autoimmune diseases. Nevertheless, the firm's current stance on the stock remains cautious due to the pending clinical data which is expected to provide a clearer picture of the company's capabilities in this new area.
Xencor's near-term prospects are tied to upcoming oncology updates, with three significant developments anticipated in the first half of 2025, specifically in the area of solid tumors. These updates are closely watched as they may influence the company's stock performance and provide insights into the effectiveness of its oncology pipeline.
Barclays' current underweight rating on Xencor signifies a conservative outlook on the stock's potential returns compared to other stocks within the sector that the firm rates as overweight or equal weight. The firm's approach is grounded in evaluating the balance of risk and reward from the various catalyst paths available in their stock coverage.
The price target of $22.00 set by Barclays for Xencor remains unchanged, indicating the firm's assessment of the stock's value based on the available data and forthcoming clinical updates. Investors and stakeholders in Xencor, Inc. will be keeping a close eye on the company's progress as it navigates these critical updates in the near future.
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