Wedbush Lowers PT on XenoPort to $15

Wedbush Securities has lowered the price target on XenoPort XNPT from $23 to $15 and maintains its Outperform rating. In its report, Wedbush Securities writes, "XNPT reported Phase II results from its trial for XP21279 with carbidopa vs. Sinemet (carbidopa-levodopa), in the Parkinson's disease setting. XP21279 dosed 3x daily reduced mean daily “off-time” by 46% vs. baseline, although this was not statistically better than optimized Sinemet dosed 4 or 5x a day. Data showed that 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. Given uncertainty about the future direction of the XP21279, we are updating our model and no longer value the opportunity." XenoPort is currently trading down $0.10 from yesterday's $4.52 closing price.