Wedbush Reiterates Outperform on Lexicon Pharmaceuticals, Inc. Ahead of TELESTAR Presentation at ECC Conference
In a research report released Monday, Wedbush’s healthcare analyst Liana Moussatos reiterated an Outperform rating on shares of Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) with a $19 price target, as the company will present a late breaking presentation of the full TELESTAR results at the European Cancer Congress, and will hold a conference call tomorrow morning to discuss the complete results.
Moussatos noted, “Before the call tomorrow, primary investigator Dr. Matthew Kulke is scheduled to present the full results of the pivotal Phase 3 TELESTAR trial in a late breaking oral presentation entitled “Telotristat etiprate is effective in treating patients with carcinoid syndrome that is inadequately controlled by somatostatin analog therapy (the Phase 3 TELESTAR clinical trial)”. We remind investors that top-line results released in early August were impressive with both arms achieving the primary endpoint of statistically significant (p<0.001) reduction from baseline compared to placebo in the average number of daily bowel movements over the 12-week study period in carcinoid syndrome patients. We look to this presentation to provide details on the safety and tolerability, magnitude of reduction in daily bowel movements and results from secondary endpoints for the trial.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Liana Moussatos has a total average return of 14.4% and a 39.1% success rate. Moussatos has a 25.3% average return when recommending LXRX, and is ranked #166 out of 3759 analysts.
Out of the 3 analysts polled by TipRanks, 2 rate Lexicon Pharmaceuticals stock a Buy, while 1 rates the stock a Hold. With a return potential of 68%, the stock’s consensus target price stands at $18.