Joseph Pantginis, an analyst from H.C. Wainwright, maintained the Buy rating on Lexicon Pharmaceuticals. The associated price target remains the same with $4.00.
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Joseph Pantginis has given his Buy rating due to a combination of factors that highlight the promising potential of Lexicon Pharmaceuticals’ sotagliflozin (sota) in treating various cardiometabolic conditions. The ongoing SONATA-HCM trial, which is in its pivotal Phase 3 stage, is particularly significant as it targets both obstructive and non-obstructive hypertrophic cardiomyopathy (HCM) patients. The trial aims to establish a competitive profile for sota by demonstrating its efficacy in addressing adverse cardiac remodeling and function.
Additionally, preclinical studies have shown that sota has disease-modifying potential in HCM animal models, which is expected to translate into clinical benefits. The drug has also demonstrated significant reductions in major adverse cardiovascular events (MACE) across diverse patient populations, enhancing its cardiovascular risk reduction profile. Furthermore, improvements in cardiac structure and function in non-diabetic patients suggest potential benefits for heart failure with preserved ejection fraction (HFpEF), reinforcing the drug’s differentiating features and commercial positioning.
In another report released on November 6, Citi also reiterated a Buy rating on the stock with a $1.90 price target.