Citi upgrade lifts Lexicon Pharma by 38%

  • Lexicon Pharmaceuticals (NASDAQ:LXRX) surges +38.2% in pre-market trading after Citi raised its rating from Neutral to Buy.
  • Amid collaboration chatter, the stock “should regain momentum” noted the analyst Yigal Nochomovitz as partnership talks continue after an experimental diabetes drug yielded new results in November.
  • Adding new data to his model, Yigal pegs the chance of success for sotagliflozin at 75% in heart failure. The company lost the collaboration partner Sanofi (NASDAQ:SNY) after the drug received FDA complete response letter last year in type 1 diabetes.
  • Though Wall Street is Bullish on the stock, SA authors have a neutral view on the stock that has lost more than two thirds of the value over the past 12-month period.

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