Canaccord Genuity on XenoPort ( XNPT): Feeling Restless?
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Price: $7.07 --0%
Rating Summary:
4 Buy, 2 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
4 Buy, 2 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity on XenoPort (Nasdaq: XNPT): Feeling restless?
Canaccord analyst says, "XenoPort announced late Wednesday that the U.S. FDA has approved marketing of its experimental drug Horizant, a treatment for restless legs syndrome (RLS) in adults. The pharmaceutical company, which will market the drug with partner GlaxoSmithKline (NYSE: GSK) in the U.S., has faced several hurdles in gaining this first regulatory approval. In February 2010, the FDA initially rejected Horizant, citing safety concerns from preclinical testing that demonstrated elevated instances of tumors in rats. Then, just two weeks ago, XenoPort announced that another of its drug candidates, arbaclofen placarbil for the treatment of gastroesophageal reflux disease, was not effective compared with placebo in midstage trials. “This is very positive for XenoPort as it now transforms the company into a commercial-stage biotech with milestones and revenue,” said one analyst, who estimates the drug will have at least $100 million in sales in the U.S. Indeed, XenoPort CEO Ronald Barrett told investors on a call Thursday that he sees big potential with Horizant as older medicines for the disorder can actually make symptoms worse in some patients. According to Barrett, there were six million prescriptions written for the condition last year alone."
Canaccord analyst says, "XenoPort announced late Wednesday that the U.S. FDA has approved marketing of its experimental drug Horizant, a treatment for restless legs syndrome (RLS) in adults. The pharmaceutical company, which will market the drug with partner GlaxoSmithKline (NYSE: GSK) in the U.S., has faced several hurdles in gaining this first regulatory approval. In February 2010, the FDA initially rejected Horizant, citing safety concerns from preclinical testing that demonstrated elevated instances of tumors in rats. Then, just two weeks ago, XenoPort announced that another of its drug candidates, arbaclofen placarbil for the treatment of gastroesophageal reflux disease, was not effective compared with placebo in midstage trials. “This is very positive for XenoPort as it now transforms the company into a commercial-stage biotech with milestones and revenue,” said one analyst, who estimates the drug will have at least $100 million in sales in the U.S. Indeed, XenoPort CEO Ronald Barrett told investors on a call Thursday that he sees big potential with Horizant as older medicines for the disorder can actually make symptoms worse in some patients. According to Barrett, there were six million prescriptions written for the condition last year alone."
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