XenoPort Narrows Loss, Shares Up 8.7% (XNPT)
Shares of Santa Clara, California based biopharmaceutical company XenoPort, Inc. (Nasdaq: XNPT) are currently up 8.7% at $8.71 per share during Monday afternoon trading. Today's trading range for shares of XenoPort, Inc has been between $7.98 and $9.03 per share. The consensus price target of analysts covering the company's stock is $12.43 per share.
Volume of 878,000 shares is already more than double the daily average volume of 395,000 shares.
XenoPort, Inc. (XNPT) released financial results early Monday morning that met Wall Street earnings estimates. XenoPort, Inc reported that its 3rd quarter net loss narrowed to 65 cents per share, on revenue of $0.4 million.
A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of an expected loss of 65 cents per share, on revenue of $0.68 million.
Chief executive officer Ronald W. Barrett said, “XenoPort has made significant progress in advancing our product candidates in the last quarter. With respect to Horizant, we worked closely with GSK on the NDA resubmission and are pleased that the FDA has accepted it for review and set an April 6, 2011 PDUFA date. We have also been working with Astellas to address questions raised by the Pharmaceuticals and Medical Device Agency (PMDA) as they review the NDA for XP13512 as a potential treatment of restless legs syndrome in Japan. We also completed enrollment in our clinical trial of AP in GERD patients who remain symptomatic despite PPI therapy, gained agreement with the FDA to advance into Phase 3 development for AP as a potential treatment of spasticity in MS patients, initiated a clinical trial in patients with Parkinson's disease with the new bi-layer formulation of XP21279 and announced preclinical results on two new product candidates.”
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