H.C. Wainwright analyst Joseph Pantginis lowered his price target for Xoma (XOMA) to $36 from $49 after the company's partner Novartis (NVS) disclosed the receipt of a Complete Response Letter from the FDA in response to its application for the claim of cardiovascular risk reduction filed for canakinumab. Though canakinumab is one of the lead contributors to Xoma's valuation, the company's shares have been "undeservedly and overly punished," Pantginis tells investors in a research note. He remains focused on Xoma continuing to diversify its risk profile, highlighted by its recent Agenus (AGEN) transaction. He believes the company's numerous "shots on goal" present a "compelling opportunity" at current share levels.

TD Cowen analyst Yaron Werber raised the firm's price target on BeiGene (BGNE) to $236 from $235 and keeps a Buy rating on the shares. The firm updated its model to reflect lower collaborative revenue given termination of Novartis (NVS) agreement for tisle in Sep 2023.