Deutsche Bank Upgrades XenoPort (XNPT) to Buy; FDA Reverses Decision on Horizant

Deutsche Bank upgraded XenoPort (NASDAQ: XNPT) from Hold to Buy. PT $13.

Deutsche analyst says, "XenoPort and partner GlaxoSmithKline (NYSE: GSK) announced late Wednesday that the FDA approved Horizant (gabapentin enacarbil) for treatment of moderate to severe Restless Legs Syndrome (RLS) in adults. We see this as a significant positive for XNPT, as we had removed the product from our model in 1Q10 following receipt of a Complete Response Letter (CRL) from the FDA which focused on safety issues. Based on this approval and its impact to our model and valuation, we upgrade to Buy."

For more ratings news on XenoPort click here and for the rating history of XenoPort click here.

Shares of XenoPort closed at $6.38 yesterday.

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