UPDATE: MLV & Co Upgrades XOMA Corp. to Buy, Reiterates $7 PT on Valuation

In a report published Tuesday, MLV & Co analyst Graig C. Suvannavejh upgraded the rating on

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 Corp. closed on Monday at $3.82.