NEW YORK (TheStreet) -- Shares of Xoma Corp. (XOMA) are climbing 13.75% to $1.01 on heavy trading volume early Thursday afternoon following the release of better-than-expected results for the 2015 fourth quarter.
After yesterday's closing bell, the Berkeley, CA-based antibody therapeutics company reported earnings of 21 cents per share, topping analysts' estimates for a loss of 15 cents per share.
Revenue for the quarter was $48.18 million, exceeding Wall Street's expectations of $4.01 million.
"The increase in the full-year and fourth quarter 2015 revenues was due primarily to our licensing activity in the fourth quarter, including a $37 million upfront payment from Novartis (NVS), a $5 million upfront payment from Novo Nordisk (NVO) and a $3.8 million payment from Pfizer (PFE)," the company said in a statement.
Additionally, Xoma said it has decided to stop all related development activities for its gevokizumab drug and is beginning a formal sales process for the asset. The antibody has the potential to treat patients with a wide variety of inflammatory diseases and other diseases.
About 9.27 million of the company's shares were traded by this afternoon, well above its average volume of 1.39 million shares per day.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of E+ on the stock.
This is based on the combination of unfavorable investment measures, which should drive this stock to significantly underperform the majority of stocks rated.
The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: XOMA