Needham & Company Reiterates a 'Buy' on Lexicon Pharmaceuticals (LXRX); 2012 Preview: Several Key Clinical Milestones Anticipated

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

Needham analyst says, "Lexicon plans to announce results of its LX4211 Phase 2b trial in diabetes around midyear. We expect a favorable outcome based on previous positive Phase 1 and 2 data demonstrating a differentiated profile from SGLT2 inhibitors. Lexicon reported progress with LX1032 in Carcinoid Syndrome in 2011 and plans to meet with the FDA in the near future in preparation for Phase 3 trials later in 2012. We believe the stock is underappreciated at its current $280M EV, considering the breadth of the pipeline and the opportunity to build meaningful value this year around the two most advanced candidates (LX4211 and LX1032)."

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 $1.21 yesterday.

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