Citi raised the firm’s price target on Lexicon (LXRX) to $1.90 from $1.20 and keeps a Buy rating on the shares following the Q2 report. The firm also opened a “90-day upside catalyst watch” on the shares. Citi expects full data from the PROGRESS Phase 2b study in Q3 to drive a re-rating of Lexicon, noting that management is bullish on the company’s opportunity in pain.
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