They sold to cover taxes owed on options granted. This was clearly spelled out in the form 4. Overall net ownership went up. I would be more crtitical if they had not sold and payed the tax. Not selling would have shown a serious lack of judgment.
Last year SNSS failed the P3 and went to $1. Short version they submitted to FDA anyways and went back to the 3's. Xoma saw drug interaction and may being going ahead with submitting the BLA. Can't think of any other reason stock price is going up.
XOMA (NASDAQ: XOMA) shares re active early with the stock rising over 4 percent on heavy volume.
UPDATE - XOMA could be moving as traders began passing around an old article from Stock Gumshoe. In part, the article highlights a $143 price target on XOMA issued by Biotech Insider Alert.
Notably, the article is from November 2014, though it wasn't made clear whether an updated report was released since then.
BERKELEY, Calif., Jan 22, 2009 (GlobeNewswire via COMTEX News Network) -- XOMA Ltd. (Nasdaq:XOMA) today announced that it has received a milestone payment of $500,000 for the initiation of a Phase 3 clinical trial from Pfizer Inc. (Pfizer), the world's largest research-based biomedical and pharmaceutical company, pursuant to the parties' previously-announced license agreement. The agreement grants Pfizer non-exclusive, worldwide rights to XOMA's patented bacterial cell expression (BCE) technology for phage display and other research, development and manufacture of antibody products. The milestone payment arises from the initiation by Pfizer of Phase 3 clinical trials for an antibody drug candidate, tanezumab, for the treatment of chronic pain due to osteoarthritis.