Biotech Bargain with some bang for your Money.
XNPT Xenoport target raised to $26 at Wedbush (9.88 +0.39)
Wedbush raises their XNPT tgt to $26 from $18 noting this morning XNPT indicated that XNPT/GSK met with the FDA on May 18th to discuss the proposed Complete Response letter resubmission for the Horizant NDA for Restless Legs Syndrome. The FDA indicated that no new clinical trials are required and that the two companies only need to include additional preclinical data in the resubmission. Firm says this is a positive development because preclinical studies can be completed in a short period of time, in contrast to clinical trials that can take several years.. They believe the announced resubmission timeline is a positive for the Horizant program because the Street had assumed that Horizant would not be approved for RLS or that the potential approval would take several years to complete.