UPDATE: Piper Sandler Starts Lexicon Pharmaceuticals (LXRX) at Overweight

August 12, 2022 3:31 AM EDT
Get Alerts LXRX Hot Sheet
Price: $2.45 +2.08%

Rating Summary:
    4 Buy, 6 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 13 | New: 11
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(Updated - August 12, 2022 5:21 AM EDT)

Piper Sandler analyst Yasmeen Rahimi initiates coverage on Lexicon Pharmaceuticals (NASDAQ: LXRX) with a Overweight rating and a price target of $10.00.

The analyst comments "We are initiating on Lexicon Pharmaceuticals Inc. (LXRX) with a $10 price target and OW rating as we see blockbuster potential across 2 assets. First, sotagliflozin (SGLT2 inhibitor) for worsening HF has a May 2023 PDUFA. If approved, we believe the drug will competitively position itself in the $22.1B SGLT2i market opportunity. Secondly, LX9211 (AAK1 inhibitor) for neuropathic pain represents a lucrative opportunity for non-dilutive funding. In our view, LX9211's two pain indications, DPN and PHN (market opportunity of $7.8B), will generate considerable strategic interest. Following the recent PoC readout in DPN, we find LX9211 well validated and de-risked."

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 $2.76 yesterday.

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