XenoPort Loses 65 Cents Per Share (XNPT)

Santa Clara, California based biopharmaceutical company XenoPort, Inc. XNPT released financial results on Monday morning that were in line with Wall Street earnings estimates. XenoPort, Inc announced that its 3rd quarter net loss narrowed to $19.9 million, or 65 cents per share, compared to a net loss of $24.8 million, or 81 cents per share, a year earlier. The company's 3rd quarter revenues remained at $0.4 million. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 65 cents per share, on revenue of $0.68 million. XenoPort, Inc. (XNPT) finished the previous trading day at $8.01 per share. The consensus price target of analysts covering the company's stock is $12.43 per share. 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.” Read more from Benzinga's Company news.