XOMA (XOMA +17.9%) goes on a tear this morning after its Q1 results showed its EPS loss narrowing considerable compared to last year. The company also reconfirmed its anticipated cash guidance for ongoing operating activities during 2013 will be approximately $50M, primarily reflecting the costs associated with conducting the Eyeguard Phase 3 clinical trials. Separately, Canaccord ups the shares to Buy, saying it has increased confidence gevokizumab's success based on new supportive Phase 2 data released yesterday. The firm also raised its price target to $8
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