Raymond James analyst Dane Leone initiated Xencor with an Outperform rating and a price target of $40, citing the company's "multiple programs and development partnerships across a range of therapeutic indications." The analyst contends that the next 12 months will be a "clinical inflection point for the wholly owned bi-specific antibody programs targeting oncology", adding that he is "optimistic that the current partial hold on the Xmab14045 program could be lifted near-term". Leone further notes that his sales model does not account for obexelimab until a partnership has been established, but he is "optimistic for a partnership to occur within the next 12 months".