Lexicon Pharmaceuticals (NASDAQ:LXRX) Stock Jumps 10.5% After Strong Earnings

Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX)’s stock price rose 10.5% on Thursday following a better than expected earnings announcement. The company traded as high as $1.60 and last traded at $1.6350. Approximately 452,739 shares changed hands during trading, a decline of 84% from the average session volume of 2,870,054 shares. The stock had previously closed at $1.48.

The biopharmaceutical company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.03. The firm had revenue of $11.25 million for the quarter, compared to analyst estimates of $4.14 million. Lexicon Pharmaceuticals had a negative return on equity of 37.53% and a negative net margin of 147.38%.

Analysts Set New Price Targets

Several brokerages have recently commented on LXRX. Wall Street Zen downgraded Lexicon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, October 31st. Cantor Fitzgerald began coverage on shares of Lexicon Pharmaceuticals in a research note on Monday, September 28th. They issued an “overweight” rating and a $8.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lexicon Pharmaceuticals in a research report on Wednesday, October 21st. Finally, Zacks Research lowered shares of Lexicon Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $5.70.

Institutional Trading of Lexicon Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Siren L.L.C. boosted its stake in Lexicon Pharmaceuticals by 13.8% in the first quarter. Siren L.L.C. now owns 44,303,518 shares of the biopharmaceutical company’s stock valued at $69,113,000 after acquiring an additional 5,384,615 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Lexicon Pharmaceuticals by 508.0% during the 1st quarter. Renaissance Technologies LLC now owns 1,600,500 shares of the biopharmaceutical company’s stock worth $2,497,000 after acquiring an additional 1,337,246 shares during the period. Bank of New York Mellon Corp acquired a new stake in Lexicon Pharmaceuticals during the 2nd quarter worth $1,365,000. ADAR1 Capital Management LLC bought a new stake in shares of Lexicon Pharmaceuticals during the 1st quarter valued at $1,170,000. Finally, Bank of America Corp DE raised its position in shares of Lexicon Pharmaceuticals by 415.3% during the 1st quarter. Bank of America Corp DE now owns 526,103 shares of the biopharmaceutical company’s stock valued at $821,000 after acquiring an additional 424,006 shares during the last quarter. 74.70% of the stock is currently owned by institutional investors and hedge funds.

Lexicon Pharmaceuticals Stock Up 8.4%

The firm’s 50-day simple moving average is $1.84 and its 200 day simple moving average is $1.88. The company has a debt-to-equity ratio of 0.29, a quick ratio of 13.29 and a current ratio of 13.37. The company has a market cap of $714.16 million, a P/E ratio of -10.77 and a beta of 1.10.

Lexicon Pharmaceuticals Company Profile

Lexicon Pharmaceuticals, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious and chronic diseases. The company uses its drug discovery platform to identify small-molecule treatments designed to target specific biological pathways, with an emphasis on metabolic, cardiovascular and neurological conditions.

Lexicon’s commercial products include INPEFA (sotagliflozin), an oral medicine approved in the United States to reduce the risk of cardiovascular death, hospitalization for heart failure and urgent heart-failure visits in certain adults with heart failure or type 2 diabetes and chronic kidney disease.