UPDATE: Wedbush Raises PT to $5 on Xoma on Gevokizumab Initial Efficacy

Wedbush reiterated its Outperform rating on Xoma

and raised its price target from $4 to $5. Wedbush commented, "Xoma announced that Gevokizumab demonstrated initial clinical efficacy as a treatment candidate for severe inflammatory acne. Interim results from 92 of 125 enrolled patients to date showed that the higher of two doses (0.2 and 0.6 mg/kg) of Gevokizumab demonstrated a consistent mean reduction from an average baseline of 31 inflammatory lesions to 19 through Day 84 with statistically significant reduction on Day 42 (p=0.077 based on 80% power to achieve p<0.10)." Xoma closed at $2.77 on Friday.