XNCR - Xencor: Capital-Efficient Platform Tech Play With A Lot Going On

• Shares of Xencor have fallen by 46% since my 2019 update. I initially liked this one for "picks and shovels" aspect of the story.
• XmAb technology is being utilized by a variety of big pharmaceutical companies, with focus on bispecific antibodies and engineered cytokines.
• Xencor is one of the most capital efficient companies we've come across in ROTY, especially important in the current climate of pessimism in biotech.
• Vudalimab appears to possess a differentiated tolerability profile versus individual PD-1/CTLA-4 combination. XmAb306 has shown encouraging signs of activity in dose escalation.
• XNCR is a Buy. Key risks include disappointing data and increasing competition/high bar set for certain indications in the immuno-oncology arena.

For further details see: