First Albany Keeps 'Buy' on Xoma

Analyst David Webber cites the drugmaker's positive FDA panel review for psoriasis treatment Raptiva

First Albany reiterates buy on Xoma (XOMA ).

Analyst David Webber says an FDA advisory committee gave a positive review of Raptiva for moderate-to-severe plaque psoriasis. He believes the committee's unanimous vote for approval supports the likelihood Raptiva will be approved on or before the Oct. 27, 2003 FDA action date, with a cautionary but not harmful label.

Webber says the implications the of panel discussion are in line with his estimate that Raptiva will gain a 15% to 20% share of the market for biological treatments for psoriasis in 2007, translating into $600 million in expected sales that year. He upped his $9 target to $10.

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