XOMA Corp. XOMA experienced volatility Monday after Ladenburg Thalmann downgraded the stock to Neutral and removed its price target while Wedbush reiterated its Outperform rating and $14 price target.
Wedbush analyst Liana Moussatos noted that the “company ended Q3 with $59.1MM in cash and cash equivalents and we project runway through 2015—covering EYEGUARD data releases.
“We have incorporated Q3 results into our model and have adjusted launch timing for Gevokizumab in NIU due to the longer-than-expected time for the final exacerbation to occur in EYEGUARD-B.”
Moussatos believed “EYEGUARD-B data is likely to be positive because all 7 patients in Xoma’s proof of concept study and all 21 patients in Servier’s Phase 2 study responded to a single dose of Gevokizumab.”
Credit Suisse analysts led by Jason Kantor remained “net cautious on XOMA shares as we await data from multiple Phase III trials.”
Kantor felt that “the risk for a dilutive financing increases with delays in these results, unless XOMA completes an anticipated licensing deal for one of its preclinical diabetes programs. We are lowering our price target to $5 (from $7) based on longer timeline to Phase III and approval and a lower probability of success in the broader NIU indication.”
XOMA Corp. recently traded at $3.85, up 1.05 percent.
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