Analyst Joseph Pantginis of H.C. Wainwright maintained a Buy rating on Lexicon Pharmaceuticals, retaining the price target of $4.00.
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Joseph Pantginis has given his Buy rating due to a combination of factors related to Lexicon Pharmaceuticals’ recent clinical trial developments. The company presented promising data from their Phase 2b PROGRESS trial for pilavapadin at major diabetes and neuropathy conferences, which identified the 10 mg dose as optimal for treatment. This dose demonstrated significant reductions in pain scores and improvements in quality of life measures, despite the study not meeting its primary endpoint due to issues with the 20 mg dose.
These findings validate the potential of pilavapadin as a treatment for diabetic neuropathic pain, supporting the initiation of a Phase 3 trial in 2025. The positive post-hoc analyses and the meaningful improvements observed in patient-reported outcomes bolster confidence in the drug’s efficacy, justifying the Buy rating on Lexicon Pharmaceuticals’ stock.
In another report released on September 4, Citi also maintained a Buy rating on the stock with a $1.90 price target.