H.C. Wainwright Assumes XOMA, Ltd. (XOMA) at Buy

H.C. Wainwright assumes coverage on XOMA, Ltd. (NASDAQ: XOMA) with a Buy rating and a price target of $38.00.

Analyst Joseph Pantginis believes the company has undergone a major transformation under the leadership of new management and has a five year cash runway following the recent Novartis deal.

The key management deliverables, in their belief, now include: 1) the need to prove to investors that the right assets can be added to the list; 2) the need to demonstrate discipline in the prices paid for assets; and 3) an ability to continue to make improvements to the balance sheet.

Prior to this point, the company took its licks in undergoing a major restructuring by: 1) reducing operating cash burn by 50%; 2) reducing headcount to fewer than 20 from 180; and 3) fully repaying the Hercules and Servier loans.

For an analyst ratings summary and ratings history on XOMA, Ltd. click here. For more ratings news on XOMA, Ltd. click here.

Shares of XOMA, Ltd. closed at $22.04 yesterday.

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