Ladenburg downgraded XOMA to Neutral and cut its price target for shares to $1 from $6 after the company announced gevokizumab did not meet its primary endpoint in preventing exacerbation of Behçet’s uveitis patients with stable diseases. Shares were downgraded intraday at three other research firms.

XOMA Corporation (XOMA) announced it has earned a $9 million milestone related to the U.S. Food and Drug Administration's, FDA, approval of Day One Biopharmaceuticals' (DAWN) New Drug Application, NDA, for OJEMDA for the treatment of patients 6 months of age and older with relapsed or refractory pediatric low-grade glioma harboring a BRAF fusion or rearrangement, or BRAF V600 mutation. "This is an important milestone for XOMA and our royalty portfolio, but more importantly, it is a watershed event for children living with low-grade gliomas with BRAF alterations that have relapsed or progressed," stated Owen Hughes, Chief Executive Officer of XOMA. In March 2021, XOMA paid $13.5 million upfront to acquire the $54 million in potential milestones and mid-single digit royalties associated with tovorafenib, plus a share of potential event-based economics, in addition to the economics associated with vosaroxin, from Viracta Therapeutics