MLV & Co Has Positive Outlook on XOMA Corp.

In a report published Friday, MLV & Co analyst George B. Zavoico reiterated a Buy rating and $7.00 price target on

. In the report, MLV & Co noted, “Yesterday afternoon, after markets closed, XOMA Corp. reported 2Q:14 results and updated clinical progress of gevokizumab, its lead product candidate and anti-interleukin-1 (IL-1) beta antibody. Based on positive results from a small pilot Phase II study in pyoderma gangrenosum (PG), a rare neutrophilic dermatosis, XOMA now plans to advance gevokizumab into pivotal Phase III trials for which it has orphan drug status. Protocols for Phase III trials are being discussed with the FDA and preparations are underway to initiate the studies when approved. XOMA and gevokizumab's program partner Servier (private, not covered) continue to make progress in the Phase III EYEGUARD program of gevokizumab for the treatment of non-infectious intermediate, posterior or pan-uveitis (NIU). With continuing progress and over a year of cash in hand, we reiterate our BUY rating and $7.00 one-year price target for XOMA Corp.” XOMA Corp. closed on Thursday at $3.89.