UPDATE: Deutsche Bank Lowers Target on XenoPort to $7

Deutsche Bank lowers its price target on Buy-rated XenoPort

to $7 from $10 on sluggish Horizant launch. Deutsche Bank says, "Our Buy rating on XenoPort is predicated on the significant opportunity for the company's lead product Horizant in treating RLS and its potential use for neuropathic pain. Moreover, XNPT's transporter technology platform potentially offers a deep pipeline of future opportunities, including XP'986 (spasticity), XP'829 (“BG12” like compound), etc. Hence, we continue to view XNPT as an attractive investment opportunity despite the sluggish initial launch for Horizant." XNPT closed at $4.28 a share on Wednesday.