UPDATE: Canaccord Genuity Upgrades XOMA Corp. to Buy, Raises PT on Increased Confidence

In a report published Thursday, Canaccord Genuity analyst Ritu Baral upgraded the rating on XOMA Corp.

from Hold to Buy, and raised the price target from $3.00 to $8.00. In the report, Baral noted, “Upgrading to BUY, raising target to $8 on increased confidence of gevokizumab (gevo) success in non-infectious uveitis based on new supportive Ph2 data released yesterday. This data resembles earlier Ph1/2 data supporting gevo's potential benefit in Behcet's and noninfectious uveitis. We are raising our pNPV-based target to $8 based on increased chances of gevo's success in inflammatory eye disease.” XOMA Corp. closed on Wednesday at $3.13.