Xoma on hold by Jefferies

Xoma Ltd. was rated at hold by Jefferies & Co., Inc. analyst Adam Walsh with a 12-month to 18-month price target of $2. Jefferies is encouraged by the company's recent partnerships, collaborative deals, pipeline progress, reduced cash burn and the focus on becoming operating cash flow positive in 2008. Xoma reported fourth-quarter 2005 loss per share of $0.11, one cent lower than Jefferies' estimate and consensus. Shares of the Berkeley, Calif., biopharmaceutical services company were up 5 cents, or 2.76%, at $1.86 on volume of 599,083 shares versus the three-month running average of 644,921 shares. (Nasdaq: XOMA)

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