Citi Downgrades XenoPort (XNPT) to Hold, Slashes Price Target
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Citi downgrades XenoPort Inc (Nasdaq: XNPT) from Buy to Hold. Price target slashed from $56 to $28.
Citi analyst says, "Solzira, XNPT's flagship product, is not a slam dunk in peripheral diabetic neuropathy (PDN) and obtaining FDA approval in restless leg syndrome (RLS) and financing and lack of catalysts remain an overhang for the stock. Although '986 could still in work in GERD, we believe today's news increases the risk/reward profile for XNPT. On a positive note, we do not expect significant delay in refiling of the Solzira NDA for RLS (likely early '09)...XNPT cited that partner GlaxoSmithKline (NYSE: GSK) has enrolled a Phase II study in PDN (data around end of 1Q:09). We believe the failed Japanese study increases clinical risk for Solzira in PDN."
Citi analyst also says, "The need for financing will remain an overhang and XNPT may eventually have to cut down on or delay its earlier programs, including '986, and staff if the financing environment continue to be difficult."
XenoPort, Inc. is a biopharmaceutical company focused on developing a portfolio of internally discovered product candidates that utilize the body’s natural nutrient transporter mechanisms.
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