UPDATE: MLV & Co Upgrades XOMA on Valuation
In a report published Tuesday, MLV & Co analyst Graig C. Suvannavejh upgraded the rating on XOMA (NASDAQ: XOMA) from Hold to Buy, and reiterated the $7.00 price target.
In the report, MLV & Co noted, “We now upgrade shares of XOMA. Our call is based on 1) valuation and 2) optimism around positive upcoming data from the P3 EYEGUARD-B trial in Behcet's uveitis (an orphan eye condition) for lead asset gevokizumab (gevo) expected sometime mid-year. On positive data, we're expecting ~15-20% of upside to the stock, with potential for add'l upside in the form of two other P3 readouts for gevo expected by year-end (from the EYEGUARD-A/C trials), we feel comfortable taking XOMA now back up to Buy, while maintaining our 1-yr $7 PT.”
XOMA closed on Monday at $3.82.
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