SVB Leerink analyst Jonathan Chang lowered his price target for Xencor to $44 from $52 after the company reported Q3 results and provided a pipeline update that was in line with expectations. The analyst tells investors in a research note that he continues to view Xencor as a leader in the bispecific space and view the company's "plug-and-play" antibody platform as an important long-term value driver and a potential source of business development opportunities in the future and views Xencor as well-positioned to execute on its long-term strategy with a strong management team and financial position. He keeps an Outperform rating on the shares.