In a research report sent to investors today, Roth Capital analyst Ed Arce reiterated a Buy rating on Xoma (NASDAQ:XOMA) with a $9 price target, as the company has opened enrollment for the first of two pivotal Phase 3 trials of gevokizumab for the ultra-orphan skin disorder, pyoderma gangrenosum.
Arce commented: “We anticipate top-line results from both studies by early 2016, followed by a BLA submission under priority review. We assign a 70% probability of FDA approval and model an early 2017 commercial launch. Separately, we continue to expect the final event in the EYEGUARD-B trial to occur soon, with top-line results now likely in early 2015.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ed Arce has a total average return of 19.7% and a 50.0% success rate. Arce has a 12.9% average return when recommending XOMA, and is ranked #260 out of 3362 analysts.