Lexicon Pharmaceuticals (NASDAQ:LXRX) Stock Jumps 10.5% Following Better-Than-Expected Earnings

Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) shares shot up 10.5% during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $1.60 and last traded at $1.6350. Approximately 452,739 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 2,870,054 shares. The stock had previously closed at $1.48.

The biopharmaceutical company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. Lexicon Pharmaceuticals had a negative return on equity of 37.53% and a negative net margin of 147.38%. The business had revenue of $11.25 million during the quarter, compared to the consensus estimate of $4.14 million.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lexicon Pharmaceuticals in a research note on Wednesday, October 21st. Zacks Research downgraded shares of Lexicon Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Cantor Fitzgerald began coverage on shares of Lexicon Pharmaceuticals in a research note on Monday, September 28th. They set an “overweight” rating and a $8.00 price objective on the stock. Finally, Wall Street Zen cut shares of Lexicon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, October 31st. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Lexicon Pharmaceuticals presently has an average rating of “Hold” and an average target price of $5.70.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Siren L.L.C. grew its stake in Lexicon Pharmaceuticals by 13.8% in the first quarter. Siren L.L.C. now owns 44,303,518 shares of the biopharmaceutical company’s stock valued at $69,113,000 after acquiring an additional 5,384,615 shares during the period. Renaissance Technologies LLC raised its position in shares of Lexicon Pharmaceuticals by 508.0% during the first quarter. Renaissance Technologies LLC now owns 1,600,500 shares of the biopharmaceutical company’s stock worth $2,497,000 after purchasing an additional 1,337,246 shares during the period. ADAR1 Capital Management LLC acquired a new stake in shares of Lexicon Pharmaceuticals during the first quarter worth about $1,170,000. Bank of New York Mellon Corp acquired a new stake in shares of Lexicon Pharmaceuticals during the second quarter worth about $1,365,000. Finally, Bank of America Corp DE lifted its holdings in shares of Lexicon Pharmaceuticals by 415.3% during the 1st quarter. Bank of America Corp DE now owns 526,103 shares of the biopharmaceutical company’s stock valued at $821,000 after purchasing an additional 424,006 shares in the last quarter. 74.70% of the stock is currently owned by institutional investors.

Lexicon Pharmaceuticals Price Performance

The company has a current ratio of 13.37, a quick ratio of 13.29 and a debt-to-equity ratio of 0.29. The firm has a market cap of $714.16 million, a P/E ratio of -10.77 and a beta of 1.10. The company has a fifty day moving average price of $1.84 and a two-hundred day moving average price of $1.88.

About Lexicon Pharmaceuticals

Lexicon Pharmaceuticals, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious and chronic diseases. The company uses its drug discovery platform to identify small-molecule treatments designed to target specific biological pathways, with an emphasis on metabolic, cardiovascular and neurological conditions.

Lexicon’s commercial products include INPEFA (sotagliflozin), an oral medicine approved in the United States to reduce the risk of cardiovascular death, hospitalization for heart failure and urgent heart-failure visits in certain adults with heart failure or type 2 diabetes and chronic kidney disease.