Piper Jaffray analyst Edward Tenthoff raised his price target for Xencor to $56 after the company ended 2018 with cash of $530.5M and subsequently received $120M upfront from the Genentech bispecific cytokine deal. In addition, Xencor announced its intention to partner obexelimab based on positive Phase II IgG4-related disease and lupus data, Tenthoff tells investors in a research note. And importantly, the company is working with the FDA to resolve the partial clinical hold on XmAb14045 in relapsed/refractory acute myeloid leukemia, adds the analyst. He reiterates an Overweight rating on Xencor.