Downward Volume Surge: Xenoport (XNPT)

Posted in General 
December 2nd, 2008

Xenoport (NASDAQ: XNPT) said that results from a Phase 2 clinical trial of XP19986 as a treatment for the symptoms of gastroesophageal reflux disease were generally well tolerated.  Unfortunately, the study results of the primary analysis comparing XP19986 to the placebo did not reach statistical significance.

Shares are getting crushed on this.  Shares are at new 52-week lows at $18.10 with 20 minutes until the market opens.  Shares are down 37% from yesterday’s $28.92 close.  This is also a new near-term low as the 52-week trading range is $26.37 to $66.34.

We have also seen 270,000 shares trade hands, and the average daily volume is 314,000 shares.  Expect this one to have an exponential volume day today.

Jon C. Ogg
December 2, 2008

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