Piper Jaffray analyst Edward Tenthoff believes Alexion's (ALXN) positive data this morning for ALXN1210 validates Xencor's (XNCR) XmAb platform. He notes that Xencor licensed Xtend technology to Alexion in 2013 to extend antibody half-life and reduce dosing frequency. Regulatory submissions are planned in the second half of 2018 and Xencor is eligible for milestones and low single-digit royalties, Tenthoff tells investors in a research note. The analyst reiterates an Overweight rating on Xencor with a $40 price target and says the stock remains a 2018 top pick.