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Editor's notes: LXRX popped on big news, but biotech expert Stephen Simpson says there's more to come. The news brings the company closer to securing a vital partnership, with 80% upside possible.

I've owned quite a few biotechs over the years, but Lexicon Pharmaceuticals (LXRX) is maybe one of the most frustrating I've owned. Forget about the company's prior business model of selling gene knockout data to drug developers and its near-death experience about five years ago - the simple fact that the company has some very interesting clinical candidates but can't get much love or attention from prospective partners is plenty frustrating in its own right.

Well, here we go again. Lexicon announced very encouraging data on its lead compound for diabetes ('4211), with the company's proprietary SGLT 1/2 inhibitor showing solid glucose control in diabetes patients with significant renal impairment. I don't really think this study is...

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