Why Lexicon Pharmaceuticals Stock Popped by Almost 6% Today
Yahoo Finance ·
An analyst's rather bullish initiation of coverage shone a light on Lexicon Pharmaceuticals ( LXRX +5.85% ) stock on Monday. Investors clearly took notice of this, as they piled into the company's stock to send it to a gain of nearly 6% on the day. Before market open, Cantor Fitzgerald prognosticator Steve Seedhouse flagged Lexicon as an overweight (buy, in other words) at a price target of $8 per share. That's more than four times the stock's current level of $1.90. According to reports, in his inaugural Lexicon analysis, Seedhouse waxed bullish about the company's progress toward earning a new indication for sotagliflozin. The drug, which has Food and Drug Administration (FDA) approval to treat heart failure and related risks under the brand name Inpefa, is currently being developed for other indications, including hypertrophic cardiomyopathy (HCM; thickening of the heart muscle). Lexicon is currently in late-stage development for this effort.
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