Guggenheim analyst Etzer Darout upgraded Xencor to Buy from Neutral with a $44 price target ahead of multiple pipeline updates coming in 2020 that he believes are currently not reflected in the stock price. Near-term pipeline opportunities for the company's bispecific platform not reflected in the stock include XmAb18087 in neuroendocrine tumors and gastrointestinal stromal tumors as well as three tumor microenvironment programs that are all currently in Phase 1, Darout tells investors. He also sees Xencor's durable royalty stream and strong cash position providing downside support, Darout added.