Although predicted theoretically, excitonic phase transitions have nev
er actually been observed. Recently it has been claimed that they can
occur in some strongly correlated materials. We study the possibility
of an excitonic transition in a two-band model and show that a true ph
ase transition never occurs in the presence of hybridization. We sugge
st an alternative interpretation for these experiments based on the op
ening or closing of a hybridization gap at a critical pressure.