Jefferies Downgrades XOMA, Ltd. (XOMA) to Hold
Jefferies downgraded XOMA, Ltd. (NASDAQ: XOMA) from Buy to Hold with a price target of $1.00 (from $7.00).
Analyst Biren Amin commented, "XOMA announced that gevokizumab missed on the primary endpoint on time to first exacerbation in EYEGUARD-B for Behcet’s uveitis as a result of placebo having performed better than expected. It appears part of the reason for the placebo response may be due to the administration of a minimum effective dose of steroids in the placebo group. As a result, we have removed all gevo revenues for NIU in our model and are downgrading to a Hold with $1 PT."
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Shares of XOMA, Ltd. closed at $1.00 yesterday.