UPDATE: Piper Jaffray Downgrades XenoPort to Neutral on Drug Commercialization Delays

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Piper Jaffray reduced its rating on XenoPort (NASDAQ: XNPT) from Overweight to Neutral with a reiterated $12 price target. Piper Jaffray said, "Given the long road ahead for '829, our cautious view on the prospects for a partnership for '829 or outright sale of the company in the near-term and the lack of visibility on cash generation (i.e., continued lackluster prescription trends for Horizant and niche-like potential for arbaclofen placarbil for spasticity), we believe upside for XNPT shares is limited in the context of an enterprise value of $430M."XenoPort closed at $11.91 on Thursday.

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