Needham & Company Reiterates a 'Buy' on Lexicon Pharmaceuticals (LXRX); Q3 Review

Needham & Company reiterates a 'Buy' on Lexicon Pharmaceuticals (NASDAQ: LXRX) price target of $3.00.

Needham analyst says, "Lexicon management provided a corporate update in a quarterly conference call yesterday, highlighting additional encouraging data from the LX4211 program in type 2 diabetes and the LX1032 program in Carcinoid Syndrome...We believe the stock is undervalued at current $225M EV considering the breadth of the Phase 2 pipeline. Key upcoming events include results from the LX2931 proof-of-concept trial in rheumatoid arthritis in 1Q12 and, most importantly, results of the Phase 2b LX4211 trial in mid-2012. We are positively inclined based on prior LX4211 clinical data demonstrating a differentiated profile from SGLT2 inhibitors."

For more ratings news on Lexicon Pharmaceuticals click here and for the rating history of Lexicon Pharmaceuticals click here.

Shares of Lexicon Pharmaceuticals closed at $1.08 yesterday.

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