Piper Jaffray analyst Joseph Catanzaro maintained an Overweight rating on XBiotech and raised his price target on the shares to $16 from $13. The analyst said he recently caught up with the company after its 10-Q filing, noting that in the past month both randomized Phase 11 trials in hidradenitis suppurativa and atopic dermatitis have enrolled their first patient, and timelines are intact for top-line data from these trials in late second half 2020. Catanzaro said management hopes to provide further guidance around which trial reads out first once enrollment completes in the first half of the year. The analyst added he continues to believe that prior Phase II data for bermekimab in either setting, if replicated, would give both trials a "high chance" of success.