Parade of Analysts Downgrade XenoPort (XNPT) Following FDA Response Letter on Horizant

A litany of analysts are lowering their investment ratings on XenoPort (Nasdaq: XNPT) this morning following news earlier that the FDA has sent a complete response letter questioning the possible approval of Horizant. Shares of XenoPort are getting absolutely smashed today, now down nearly 67% to $6.49.

The following analyst firm's downgraded XenoPort shares this morning:

• Citi - from Hold to Sell, target lowered from $20 to $10
  
• Deutsche Bank - from Buy to Hold, target maintained at $29
  
• Morgan Stanley - from Overweight to Equalweight, $44 price target dropped
  
• Hapoalim Securities - from Buy to Sell, price target lowered from $49 to $10 - whoops!
  
• Rodman & Renshaw - from Market Outperform to Market Perform, $30 target dropped
  
• Ladenburg Thalmm - from Buy to Sell, $22 price target dropped
  
• Lazard Capital - from Hold to Sell, $10 price target set
  
• Argus - from Buy to Sell
  
• Benchmark - from Buy to Hold, price target lowered from $26 to $7

Notably, only one analyst firm which put out a research note today maintains the equivalent of a Buy -- RBC Capital. Still, the firm cut its price target on shares of XenoPort from $30 to $12.

XenoPort, Inc., a biopharmaceutical company, focuses on developing internally discovered product candidates that utilize the body’s natural nutrient transport mechanisms to enhance the therapeutic benefits of drugs.

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