Piper Jaffray analyst Edward Tenthoff reiterated an Overweight rating and $52 price target on Xencor, after the company partnered with Genentech to develop IL-15 targeted cytokine therapies, including XmAb24306. The analyst noted that Xencor will receive $120M upfront, and that the company is also eligible for $160M in XmAb24306-related milestones and $180M in milestones for each new IL-15 candidate. Tenthoff also noted that Xencor will have the right to co-promote in the U.S. and is eligible to receive 45% share of net profits sales.
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