XOMA on hold by Jefferies

Jefferies & Co., Inc. analyst Adam Walsh gave XOMA Ltd. a hold rating. Revenue from ongoing partnerships, manufacturing development contracts and royalty payments (Raptiva and Lucentis), plus reductions in cash burn, are helping XOMA progress toward turning cash flow positive in 2008, according to the analyst. The company reported a second-quarter loss per share of $0.06, which was six cents above Jefferies' $0.12 loss estimate and four cents above Street consensus. Shares of the Berkeley, Calif., biopharmaceutical company were up 3 cents, or 1.79%, at $1.71 on volume of 178,517 shares versus the three-month running average of 327,414 shares. (Nasdaq: XOMA)

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