Wedbush Cuts Price Target on XenoPort (XNPT) by 30% Following Phase II Results of XP21279
Tweet
Share
E-mailGet Alerts XNPT Hot Sheet
Price: $7.07 --0%
Rating Summary:
4 Buy, 2 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
4 Buy, 2 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Wedbush is reiterating its Outperform rating on shares of XenoPort (NASDAQ: XNPT), but its slashing its price target by 30 percent or from $23 to $15.
The price target cut follows disappointing Phase II results from its trial for XP21279 with carbidopa vs. Sinemet, in the Parkinson’s disease setting. The data indicated "once patients were optimized on the standard of care, it was not possible to generate a superior efficacy signal for the sustained-release pro-drug of the levodopa component of Sinemet, the current standard of care," reports Wedbush.
Given the uncertainty about the future of XP21279 the firm will no longer include it into its model. Wedbush also cut its estimated 2016 revenues for HORIZANT from $500 million to ~$360 million.
Some up coming catalysts for XNPT include the PHN approval for HORIZANT on June 8, 2012 and anticipation of positive Phase III data for its non-sedating spasticity treatment.
An analyst at Wedbush comments, "We believe the company is also very actively discussing potential business development opportunities for its fumarate pro-drug program XP23829. A significant deal here is a possibility even ahead of the Phase I study results expected in 2012, and we believe would mean upside for the stock."
The firm is raising its Q4, FY11, and FY12 EPS estimates from ($0.52), ($0.98), and ($2.25) to ($0.49), ($0.95), and ($1.65). Revenue for FY11 and FY12 is forecasted to be $41.1 million and $11 million.
For an analyst ratings summary and ratings history on XenoPort click here. For more ratings news on XenoPort click here.
Shares of XenoPort closed at $4.46 yesterday.
The price target cut follows disappointing Phase II results from its trial for XP21279 with carbidopa vs. Sinemet, in the Parkinson’s disease setting. The data indicated "once patients were optimized on the standard of care, it was not possible to generate a superior efficacy signal for the sustained-release pro-drug of the levodopa component of Sinemet, the current standard of care," reports Wedbush.
Given the uncertainty about the future of XP21279 the firm will no longer include it into its model. Wedbush also cut its estimated 2016 revenues for HORIZANT from $500 million to ~$360 million.
Some up coming catalysts for XNPT include the PHN approval for HORIZANT on June 8, 2012 and anticipation of positive Phase III data for its non-sedating spasticity treatment.
An analyst at Wedbush comments, "We believe the company is also very actively discussing potential business development opportunities for its fumarate pro-drug program XP23829. A significant deal here is a possibility even ahead of the Phase I study results expected in 2012, and we believe would mean upside for the stock."
The firm is raising its Q4, FY11, and FY12 EPS estimates from ($0.52), ($0.98), and ($2.25) to ($0.49), ($0.95), and ($1.65). Revenue for FY11 and FY12 is forecasted to be $41.1 million and $11 million.
For an analyst ratings summary and ratings history on XenoPort click here. For more ratings news on XenoPort click here.
Shares of XenoPort closed at $4.46 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fiserv (FISV) PT Lowered to $60 at Freedom Broker
- Piper Sandler Reiterates Overweight Rating on Estee Lauder (EL), 'F4Q26 Preview'
- SoundThinking (SSTI) PT Lowered to $8 at Cantor Fitzgerald
Create E-mail Alert Related Categories
Analyst CommentsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
