In a report published on Monday, Wedbush analyst Gregory R. Wade downgraded XenoPort XNPT from Outperform to Neutral and lowered the price target for the company from $16 to $6.
In the report, Wedbush stated that, "We are downgrading XNPT shares to NEUTRAL from OUTPERFORM after the failure of Arbaclofen Placarbil (AP) in a Phase III trial for multiple sclerosis (MS) spasticity. XNPT announced that they will discontinue further development of Arbaclofen Placarbil. We are removing our valuation for AP from our price target, which we are reducing to $6 per share from $16 per share."
XenoPort closed at $6.75 on Friday.
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