Dallas, Texas 01/31/2014 (FINANCIALSTRENDS) – Stock of drug maker XOMA Corp (NASDAQ:XOMA) has seen an impressive 4.18 percent increase in its market value during trading on 30th January. This big jump in the investor confidence in the stock was accomplished on the back of increase in the price target by analyst firm Wedbush yesterday. The new price target has been pegged at $13.00 per share, from its previous PT of $8. This update was first provided by American Banking News.com reports yesterday.
XOMA Corp (NASDAQ:XOMA) has attracted a lot of interest from the analyst community in the recent past. In the second week of January, Jefferies Group kick started its coverage of this drug maker had recommended a “buy” rating on the stock and had pegged the price target to $11.00. Roth Capital and Credit Suisse were the other rating agencies which have remained bullish on this stock.
Investors should note that this $693 million market capped drug maker has accumulated a total of $69 million in net debt and has managed to generate sales of close to $30.3 million in the trailing 12 months. From its last quarter operations, for which it had reported results in November last year, the drug maker had indicated a weakness in its sales machinery, with quarter on quarter sales recording a 13.7 percent dip.
On the back of the close to 4 percent increase during trading yesterday, the share price of XOMA Corp (NASDAQ:XOMA) had settled at $7.97, which is just 11.3 percent below its 52 high price point of $8.99. It is also important to note that the current share price is 223 % above its 52 week low price point. In the past year, the stock of provided its investors 208 percent increase in their share holding value. It has been trading range bound between $2.46 and $8.99 per share.