Piper Jaffray analyst Edward Tenthoff believes this morning's Phase III data for Alexion's (ALXN) long-acting C5 antibody ALXN1210 in paroxysmal nocturnal hemoglobinuria patients switching from Soliris validate Xencor's XmAb platform. Recall, ALXN1210 employs Xencor's Xtend antibody technology to extend half-life and reduce dosing frequency, Tenthoff tells investors in a research note. He believes, however, that the driver for Xencor this year remains the preliminary Phase I data for Novartis-partnered bispecifics in acute myeloid leukemia and B-cell malignancies. The analyst reiterates an Overweight rating on Xencor with a $46 price target.