Piper Jaffray Maintains an Overweight on XenoPort (XNPT); Price Target Increased
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Piper Jaffray & Co. maintains an Overweight rating on XenoPort (Nasdaq: XNPT), price target increased from $26 to $30.
Piper analyst says, "Yesterday, XenoPort reported positive results from a Phase II study evaluating XP19986, a prodrug of the R-isomer of baclofen, in spinal cord injury (SCI) patients with spasticity. The rates of somnolence and dizziness were far lower than what is seen with conventional baclofen, suggesting an attractive point of differentiation. We would not be surprised if the next step is a pivotal study; we are modeling a 2012 launch. We are raising our price target to $30 from $26 on a slightly lower discount rate (14% from 15%) and higher spasticity sales estimates for '986 ($131 M by 2013).
To see more analyst ratings on XNPT Click Here.
XenoPort, Inc. is a biopharmaceutical company. The Company is focused on developing a portfolio of internally discovered product candidates that utilize the body’s natural nutrient transport mechanisms to improve the therapeutic benefits of existing drugs.
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