Lexicon Pharmaceuticals (LXRX) Telestar Results 'Impressive' and 'Transforming', Wedbush Says

Wedbush analyst Liana Moussatos reiterated an Outperform rating and boosted her price target on Lexicon Pharmaceuticals (NASDAQ: LXRX) to $19 (from $17), saying the TELESTAR Phase 3 results were impressive and transforming for the company.

Moussatos commented, "Telotristat etiprate meets the primary endpoint of its pivotal Phase 3 TELESTAR trial in cancer patients with Carcinoid syndrome. Lexicon announced that results from its pivotal Phase 3 trial showed that patients who were given telotristat etiprate (250 mg and 500 mg) on top of standard of care demonstrated 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). Additionally, patients receiving telotristat etiprate demonstrated a durable response (44% for 250 mg arm, 42% for 500 mg arm, and 20% for the placebo arm; p < 0.040), defined as 30% reduction in daily bowel movements over 50% of the study period. AEs were similar between all three arms of the study. Tolerability between the 250 mg group and placebo group were similar and slightly better than the 500 mg dose. Details on safety and tolerability, the magnitude of reduction as well as results for secondary endpoints are expected to be presented at a medical conference in the coming months."

For an analyst ratings summary and ratings history on Lexicon Pharmaceuticals click here. For more ratings news on Lexicon Pharmaceuticals click here.

Shares of Lexicon Pharmaceuticals closed at $8.44 yesterday.

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