Needham Keeps Their Hold Rating on Lexicon Pharmaceuticals (LXRX)


In a report released today, Alan Carr from Needham maintained a Hold rating on Lexicon Pharmaceuticals (LXRX). The company’s shares opened today at $7.69.

Carr noted:

“Lexicon reported 4Q18 U.S. Xermelo sales of $7.5M, above our $7.0M and consensus $6.7M ests. Mgmt guided for 20+% y/y sales growth in 2019. (T1D) PDUFA date is 3/22/19. We are cautious given 8-8 FDA AdCom vote. Given recent positive CHMP decision, EMA approval for T1D is expected 2Q19. Most Phase 3 trials in T2D are expected to be completed by collaborator Sanofi in 2019. We expect positive outcomes based on Phase 2 data. Lexicon is eligible to receive substantial milestone payments this yr from Sanofi tied to T2D results and T1D regulatory decisions. Maintain HOLD, but we believe stock becomes meaningfully more attractive if Phase 3 T2D trials confirm differentiation from currently marketed SGLT2 drugs.”

According to TipRanks.com, Carr is a 4-star analyst with an average return of 3.2% and a 43.3% success rate. Carr covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, ACADIA Pharmaceuticals Inc, and Rhythm Pharmaceuticals Inc.

Lexicon Pharmaceuticals has an analyst consensus of Moderate Buy, with a price target consensus of $26.

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Based on Lexicon Pharmaceuticals’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $27.51 million. In comparison, last year the company had a GAAP net loss of $28.38 million.

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Lexicon Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in the discovery, development, and commercialization of pharmaceutical products for the treatment of human disease. It also offers programs in clinical development for diabetes, irritable bowel syndrome, and carcinoid syndrome.

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