H.C. Wainwright analyst Joseph Pantginis maintained a Buy rating on Lexicon Pharmaceuticals (LXRX – Research Report) today and set a price target of $4.00.
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Joseph Pantginis has given his Buy rating due to a combination of factors surrounding Lexicon Pharmaceuticals’ strategic developments and potential growth opportunities. A key aspect of this positive outlook is the recent licensing agreement with Novo Nordisk for the development of Lexicon’s LX9851, an early-stage ACSL5 inhibitor aimed at treating obesity and metabolic disorders. This agreement not only validates the potential of LX9851 but also positions Lexicon to receive substantial financial benefits, including up to $1 billion in milestone payments and royalties, which could significantly strengthen its cash position.
Additionally, Lexicon’s focus on advancing its research and development pipeline, including promising candidates like pilavapadin (LX9211) and sotagliflozin, underscores its commitment to addressing unmet medical needs. The progress in these clinical programs, particularly the Phase 2b PROGRESS study for LX9211 and the Phase 3 SONATA trial for sotagliflozin, suggests potential for meaningful impact on the company’s future growth. Pantginis anticipates that these developments will contribute to Lexicon’s value creation and looks forward to further updates and data readouts expected in 2025.