Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) announced that the pivotal TELESTAR Phase 3 clinical trial met its primary endpoint, showing the benefit of oral telotristat etiprate in treating cancer patients with carcinoid syndrome that is not adequately controlled by the current standard of care. Telotristat etiprate was discovered using Lexicon’s gene science, based on Nobel Prize-winning technology, and is the company’s first discovery to complete a pivotal Phase 3 clinical trial. If approved, telotristat etiprate would be the first oral treatment successfully developed for carcinoid syndrome and the first addition to the standard of care in more than 16 years.

Top-line results from the Phase 3 study show that patients who added telotristat etiprate to the standard of care at both the 250 mg and 500 mg doses experienced a statistically significant reduction from baseline compared to placebo in the average number of daily bowel movements over the 12-week study period (p<0.001), meeting the study’s primary endpoint.

“We are extremely pleased with these top-line results,” said Lexicon President and Chief Executive Officer Lonnel Coats. “Carcinoid syndrome is severely debilitating, preventing many patients from leading active and predictable lives, and unfortunately, a majority of patients will not be adequately controlled over time with the current standard of care. We are committed to working closely with the FDA to file our first new drug application (NDA) and to bring this innovative new treatment to patients whose lives are already impacted by the challenges of cancer.”“The TELESTAR results are promising, and the community of patients and caregivers who live and deal with carcinoid syndrome are excited about the prospect of a new treatment becoming available,” said principal investigator Matthew H. Kulke, M.D., Director, Program in Neuroendocrine and Carcinoid Tumors and Senior Physician, Dana Farber Cancer Institute, and Associate Professor of Medicine, Harvard Medical School.Lexicon received Fast Track designation and Orphan Drug status for telotristat etiprate from the U.S. Food and Drug Administration (FDA) in 2008 and 2012, respectively. The company plans to announce complete results from the Phase 3 TELESTAR study at an upcoming scientific conference. (Original Source)

Shares of Lexicon Pharmaceuticals closed last Friday at $8.44 . LXRX has a 1-year high of $11.90 and a 1-year low of $5.60. The stock’s 50-day moving average is $8.43 and its 200-day moving average is $7.37.

On the ratings front, Lexicon Pharmaceuticals has been the subject of a number of recent research reports. In a report issued on July 1, Needham analyst Alan Carr reiterated a Buy rating on LXRX, with a price target of $21, which represents a potential upside of 148.8% from where the stock is currently trading. Separately, on May 21, Wedbush’s Liana Moussatos maintained a Buy rating on the stock and has a price target of $17.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Alan Carr and Liana Moussatos have a total average return of 41.7% and 27.8% respectively. Carr has a success rate of 75.4% and is ranked #4 out of 3722 analysts, while Moussatos has a success rate of 48.7% and is ranked #49.

Lexicon Pharmaceuticals Inc operates as a biopharmaceutical company engaged in discovery and development of breakthrough treatments for human disease.