XenoPort (XNPT) Shares Fall 65% After FDA Rejection

Shares of XenoPort, Inc. (Nasdaq: XNPT) crashed today after the pharmaceutical company received word from the FDA that it would not approve the company's development stage drug called Horizant, which XenoPort developed with partner GlaxoSmithKline Plc (NYSE: GSK).

The FDA said that pancreatic tumor cells were found in lab rats that the drug was being tested on.

Shares of XenoPort crashed and the company received the following downgrades:

Argus downgraded XenoPort from Buy to Sell.

Citigroup downgraded XenoPort from Hold to Sell, with a price target lowered from $20 to $10.

Benchmark downgraded XenoPort from Buy to Hold and lowered the price target from $26 to$7.

Ladenburg Thalmann downgraded XenoPort from Buy to Sell.

Hapoalim downgraded XenoPort from Outperform to Underperform with a price target of $10.