Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) announced that the U.S. Food and Drug Administration has accepted for filing the New Drug Application for telotristat etiprate, an oral drug for the treatment of carcinoid syndrome. The FDA has granted a Priority Review of the NDA filing and set a Prescription Drug User Fee Act (“PDUFA”) target action date of November 30, 2016.

“The granting of priority review by the FDA underscores the need for improving the lives of the patients and caregivers who live with carcinoid syndrome on a daily basis,” said Lexicon President and Chief Executive Officer, Lonnel Coats. “If approved, telotristat etiprate would be the only approved therapy for patients who are no longer able to control their carcinoid syndrome with the current standard of care alone.”

Carcinoid syndrome is a rare disease affecting thousands of cancer patients with metastatic neuroendocrine tumors (mNETs) that have spread to the liver and other organs from the gastrointestinal tract. The condition is characterized by frequent and debilitating diarrhea that often prevents patients from leading active, predictable lives, as well as facial flushing, abdominal pain, fatigue and, over time, heart valve damage. (Original Source)

Shares of Lexicon Pharmaceuticals closed last Friday at $13.68, up $0.22 or 1.63%. LXRX has a 1-year high of $15.79 and a 1-year low of $6.92. The stock’s 50-day moving average is $13.28 and its 200-day moving average is $12.01.

On the ratings front, Lexicon has been the subject of a number of recent research reports. In a report issued on May 6, Cowen analyst Chris Shibutani initiated coverage with a Hold rating on LXRX. Separately, on May 4, Needham’s Alan Carr reiterated a Buy rating on the stock and has a price target of $21.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Chris Shibutani and Alan Carr have a total average return of 10.8% and 11.3% respectively. Shibutani has a success rate of 100.0% and is ranked #1415 out of 3891 analysts, while Carr has a success rate of 46.0% and is ranked #199.

Lexicon Pharmaceuticals, Inc. engages in discovery and development of breakthrough treatments for human disease. The company primarily focuses on the discovery of the functions and pharmaceutical utility of genes and the use of those gene function discoveries in the discovery and development of pharmaceutical products for the treatment of human disease. The company uses its proprietary gene knockout technologies and an integrated platform of advanced medical technologies to systematically study the physiological and behavioral functions in mice and assessed the utility of the proteins encoded by the corresponding human genes as potential drug targets. It has multiple programs in clinical development for diabetes, irritable bowel syndrome, carcinoid syndrome and other indications.