Lexicon Pharmaceuticals, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Joseph Pantginis from H.C. Wainwright maintained a Buy rating on the stock and has a $4.00 price target.
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Joseph Pantginis has given his Buy rating due to a combination of factors influencing Lexicon Pharmaceuticals. The company has shown promising developments with its drug ZYNQUISTA for Type 1 Diabetes (T1D). Recently, Lexicon submitted additional data to the FDA addressing previous concerns about the risk of diabetic ketoacidosis, which had previously led to regulatory setbacks. This move could potentially lead to a resubmission of the New Drug Application (NDA), indicating a positive regulatory path forward.
Furthermore, Lexicon’s presentation at the European Society of Cardiology Congress highlighted the cardiovascular benefits of their drug sotagliflozin, particularly in older heart failure patients. The analysis demonstrated a significant reduction in cardiovascular death and hospitalizations, showcasing the drug’s efficacy across different age groups. These developments underscore the potential of Lexicon’s drug portfolio, contributing to Pantginis’s optimistic outlook and Buy rating.
Pantginis covers the Healthcare sector, focusing on stocks such as Capricor Therapeutics, Krystal Biotech, and Lineage Therap. According to TipRanks, Pantginis has an average return of -3.8% and a 41.28% success rate on recommended stocks.
In another report released on September 4, Citi also maintained a Buy rating on the stock with a $1.90 price target.