Exxon Mobil (NYSE:XOM), Chevron Corp (NYSE:CVX), Royal Dutch Shell (NYSE:RDS-A), ConocoPhillips (NYSE:COP) and BP (NYSE:BP) are ready with the the combination of rapid-response equipment and ships developed to respond quickly to a deepwater oil spill in order to limit the potential damages, according to Clay Vaughn, vice president of deepwater projects at Exxon's development unit.
Vaughn said, "We believe what we provided is sufficient and meets the intent of the regulation and can be included in permit applications today. The ultimate test will be those permit approvals."
The energy group created a nonprofit organization called the Marine Well Containment Company (MWCC), funding it with $1 billion to develop the system.
According to Vaughn, they worked closely with the Interior Department's Bureau of Ocean Energy Management during the process getting the system ready for use.
The system now available will be able to work as deep at 8,000 feet below the surface and channel 60,000 barrels of oil a day to ships on the surface.
A larger system will be ready to go in 2012, which will be able to channel up to 100,000 barrels a day up to the surface, and operate in depths up to 10,000 feet.
Showing posts with label Xoma. Show all posts
Showing posts with label Xoma. Show all posts
Friday, February 18, 2011
Wednesday, January 5, 2011
XOMA (Nasdaq:XOMA) Soars on XOMA 052 Licensing Deal
Shares of XOMA (Nasdaq:XOMA) exploded on the news they made a deal to license its diabetes drug XOMA 052 to Laboratoires Servier of France for $15 million.
XOMA also landed a $20 million loan from Servier, while also retaining the right to acquire the the rights for the drug in Japan and the U.S. in the future.
Wedbush increased their price target on XOMA saying, "The increase in our fair value is primarily due to changes in our XOMA-052 royalty assumptions and the inclusion of milestone payments in our XOMA-052 fair value (PT). With a potentially disease modifying treatment for diabetes, cardiovascular disease and other blockbuster indications like rheumatoid arthritis, we believe today’s (Tuesday) announcement of a regional development and commercial partnership with Servier is transforming for the company financially as well as for the stock. We calculate fair value as a sum of parts with each part derived from a 30% annual discount from our peak net sales estimate and apply a 1-10x multiple depending on stage of development to reflect risk."
Wedbush maintains an "Outperform" rating on XOMA, which closed Tuesday at $7.30, gaining $2.00, or 37.83 percent. Trading volume was at just over 49 million, about 16 times the normal 3-month average just below 3 million shares a day.
XOMA has a price target of $16 on them from Wedbush, which raised it from $12.
XOMA also landed a $20 million loan from Servier, while also retaining the right to acquire the the rights for the drug in Japan and the U.S. in the future.
Wedbush increased their price target on XOMA saying, "The increase in our fair value is primarily due to changes in our XOMA-052 royalty assumptions and the inclusion of milestone payments in our XOMA-052 fair value (PT). With a potentially disease modifying treatment for diabetes, cardiovascular disease and other blockbuster indications like rheumatoid arthritis, we believe today’s (Tuesday) announcement of a regional development and commercial partnership with Servier is transforming for the company financially as well as for the stock. We calculate fair value as a sum of parts with each part derived from a 30% annual discount from our peak net sales estimate and apply a 1-10x multiple depending on stage of development to reflect risk."
Wedbush maintains an "Outperform" rating on XOMA, which closed Tuesday at $7.30, gaining $2.00, or 37.83 percent. Trading volume was at just over 49 million, about 16 times the normal 3-month average just below 3 million shares a day.
XOMA has a price target of $16 on them from Wedbush, which raised it from $12.
Thursday, December 30, 2010
XOMA (NASDAQ:XOMA) Gets Bullish Outlook after Share Sales
Wedbush is extremely bullish on XOMA (NASDAQ:XOMA), seeing an upside of 135 percent after they raised about $28.8 million via an At Market (ATM) Issuance.
The sale has been going on since October, but Wedbush said they believe the majority of the sales has come over the last several days when the stock trading in a range of $4.50 and $7.50. The average selling price is estimated at $4.41 a share.
Much of recent investor awareness of the company and its acceleration have come from first quarter 2011 clinical catalysts. The company is up over 100 percent since December 21st.
Along with cash at the end of the year reaching about $36 to $38 million, XOMA also seems to be doing a better job of managing expenses, as the prior burn rate of $15 million a quarter appears to be down to $12 to $14 million.
The major catalyst is the release of top-line three month HbA1c data from the Phase 2a study of XOMA-052 in Type 2 diabetes, which should happen in the early part of January.
After that, the data from the Phase 2b trial should be another catalyst, which will come in the latter part of the first quarter.
Wedbush also said the cash raised should help XOMA negotiate a partnership for XOMA-052
A possible partnership for XOMA-052 and licensing deals are considered the important, probable catalysts of 2011 for XOMA.
Wedbush keeps their "Outperform" rating on XOMA, which was trading at $5.68, gaining $0.58, or 11.37 percent, as of 12:19 PM EST. Wedbush has a price target of $12 on XOMA.
The sale has been going on since October, but Wedbush said they believe the majority of the sales has come over the last several days when the stock trading in a range of $4.50 and $7.50. The average selling price is estimated at $4.41 a share.
Much of recent investor awareness of the company and its acceleration have come from first quarter 2011 clinical catalysts. The company is up over 100 percent since December 21st.
Along with cash at the end of the year reaching about $36 to $38 million, XOMA also seems to be doing a better job of managing expenses, as the prior burn rate of $15 million a quarter appears to be down to $12 to $14 million.
The major catalyst is the release of top-line three month HbA1c data from the Phase 2a study of XOMA-052 in Type 2 diabetes, which should happen in the early part of January.
After that, the data from the Phase 2b trial should be another catalyst, which will come in the latter part of the first quarter.
Wedbush also said the cash raised should help XOMA negotiate a partnership for XOMA-052
A possible partnership for XOMA-052 and licensing deals are considered the important, probable catalysts of 2011 for XOMA.
Wedbush keeps their "Outperform" rating on XOMA, which was trading at $5.68, gaining $0.58, or 11.37 percent, as of 12:19 PM EST. Wedbush has a price target of $12 on XOMA.
Monday, December 27, 2010
Xoma (NASDAQ:XOMA) Continues to Soar on XOMA-052
Based on the potential concerning their diabetes drug which blocks the interleukin-1 protein, which may cause or worsen autoimmune and inflammatory diseases such as diabetes, Xoma (NASDAQ:XOMA) shares have exploded over the last three trading days on the potential surrounding XOMA-052.
Not only is the drug itself considered potentially very lucrative, but the possibility of creating an entire class of effective drugs is the impetus behind the surging share price of the company.
If positive results emerge from a Phase IIa study in the first half of 2011, the share price could shoot to the moon in a relatively short time, as it already did last week.
On December 20 the stock price stood at $2.38, and at close on December 23, rocketed to close at $7.16, up $2.66 on the day, a 59.11 gain.
Volume was almost 30 times the average trading volume over the last 3-months.
Not only is the drug itself considered potentially very lucrative, but the possibility of creating an entire class of effective drugs is the impetus behind the surging share price of the company.
If positive results emerge from a Phase IIa study in the first half of 2011, the share price could shoot to the moon in a relatively short time, as it already did last week.
On December 20 the stock price stood at $2.38, and at close on December 23, rocketed to close at $7.16, up $2.66 on the day, a 59.11 gain.
Volume was almost 30 times the average trading volume over the last 3-months.
Subscribe to:
Posts (Atom)