RBC Capital Maintains Outperform on XENE, PUBM, LEGN with Mixed Price Targets

RBC Capital has maintained 'Outperform' ratings for several companies while adjusting price targets, reflecting a generally positive yet cautious market outlook. For Xenon Pharmaceuticals, focused on neurological and psychiatric disorders, the price target was slightly lowered to $55, with an average analyst target suggesting a 50% upside from current prices. Similarly, PubMatic, a digital advertising technology firm, saw its price target reduced to $11, though the average target still implies over 50% potential upside. In contrast, Legend Biotech, a clinical-stage biopharmaceutical company developing novel cell therapies, had its price target raised to $77, indicating strong growth expectations with a potential upside of nearly 101%. Additionally, RBC Capital maintained an 'Outperform' rating on Brookfield Asset Management, highlighting its strong position in alternative asset management and raising its price target to $72, while noting continued undervaluation relative to intrinsic asset values. These updates underscore sustained investor confidence across diverse sectors, including biopharmaceuticals, digital advertising, and asset management, despite some price target adjustments.