XOMA Corporation Receives Upgrade from MLV & Co. and Amicus Therapeutics Reports Positive Migalastat Trial Results
XOMA Corporation (NASDAQ: XOMA) has received an upgrade from MLV & Co. According to a report, MLV & Co. analyst Craig Suvannavejh upgraded the stock to a buy from hold. He has reiterated his price target of $7 for shares. The evaluation has been partly based on optimism surrounding expected positive data from XOMA's P3 EYEGUARD-B trial involving gevokizumab for Behcet's uveitis.
XOMA Corporation discovers and develops antibody-based therapeutics in the United States, Europe, and the Asia Pacific. Its proprietary products comprise gevokizumab, a humanized allosteric-modulating monoclonal antibody that binds to the inflammatory cytokine interleukin-1 beta, which is in Phase III studies for non-infectious uveitis, Behçets uveitis, pyoderma gangrenosum, active non-infectious anterior scleritis, cardiovascular disease, Schnitzler syndrome, and other diseases, as well as diseases under the neutrophilic dermatoses designation; and various proof-of-concept studies, including polymyositis/dermatomyositis, Schnitzler syndrome, and giant cell arteritis.
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Amicus Therapeutics, Inc. (FOLD) announced that its lead drug migalastat was effective in treating patients with Fabry disease in a late-stage trial. The company found the drug effective in patients after 12 months of treatment. The trial tested migalastat as a form of monotherapy in patients with Fabry disease, a disorder in which a fat called globotriaosylceramide builds up in the body's cells. Amicus Therapeutics also released positive 24-month data.
Chairman and CEO John F. Crowley said in a statement. "Pending positive data from our second Phase 3 study we expect to meet with regulatory authorities to discuss these data and determine the fastest registration pathway for migalastat."
Amicus Therapeutics, Inc., a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines for various rare and orphan diseases. It develops enzyme replacement therapies (ERTs) for lysosomal storage disorders (LSDs), including Fabry disease, Pompe disease, and Mucopolysaccharoidosis Type I (MPS I).
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