Barclays Initiates Xencor At Underweight, Sees Limited Upside From Pipeline

Core Viewpoint - Barclays has initiated coverage of Xencor Inc. with an Underweight rating and a price target of $6.00, reflecting concerns over the company's internal pipeline despite its history of innovation in antibody technology and successful partnerships [1][2] Company Overview - Xencor Inc. is recognized for its innovative contributions to antibody technology and has established royalty-generating partnerships with companies like AstraZeneca and Incyte, which have provided a steady revenue stream and a robust balance sheet [1] Pipeline and Future Prospects - Analysts have expressed disappointment regarding Xencor's internal pipeline, indicating it has not produced sufficient valuation upside beyond its existing royalty base [2] - The company is expected to release early dose-escalation data for its lead oncology program, XmAb819, later this year, but these results are anticipated to be too preliminary to significantly impact the stock [2]