Wedbush reiterated an Outperform rating on Lexicon Pharmaceuticals (NASDAQ: LXRX), and raised the price target to $28.00 (from $26.00), following the company's 4Q earnings report. Revenues of $127.2MM came in above consensus estimates of $0.3MM. The beat comes due to revenues recognized from the collaboration agreement with Sanofi.

Analyst Liana Moussatos commented, "Q4/2015 financial update: $521.4MM cash balance covers multiple regulatory and clinical catalysts. Lexicon reported Q4/2015 revenues of $127.2MM/$130.0MM--above consensus estimates of $0.3MM/$3.1MM due to revenues recognized from the collaboration agreement with Sanofi. Reported Q4/2015 GAAP EPS (loss) of $0.76/$(0.05) beat consensus estimates of $(0.38)/$(1.16). We have incorporated Q4 financials and updated our model based on guidance."

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Shares of Lexicon Pharmaceuticals closed at $10.85 yesterday.