Piper Sandler Cuts Lexicon Pharmaceuticals (NASDAQ:LXRX) Price Target to $6.00

Lexicon Pharmaceuticals (NASDAQ:LXRX) had its price objective lowered by Piper Sandler from $10.00 to $6.00 in a research note released on Friday morning,Benzinga reports. The firm currently has an overweight rating on the biopharmaceutical company’s stock.

Several other research analysts have also commented on the company. Leerink Partners restated a “market perform” rating and set a $1.00 price target (down from $2.00) on shares of Lexicon Pharmaceuticals in a research report on Tuesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Lexicon Pharmaceuticals in a research report on Monday, March 3rd. Leerink Partnrs cut shares of Lexicon Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Finally, HC Wainwright restated a “buy” rating and issued a $4.00 price objective on shares of Lexicon Pharmaceuticals in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.67.

Lexicon Pharmaceuticals Stock Up 6.6 %

Shares of LXRX opened at $0.39 on Friday. The company has a current ratio of 7.45, a quick ratio of 7.43 and a debt-to-equity ratio of 0.56. The firm has a market cap of $96.48 million, a P/E ratio of -0.52 and a beta of 1.04. The company’s 50-day moving average price is $0.73 and its 200 day moving average price is $1.14. Lexicon Pharmaceuticals has a 12-month low of $0.28 and a 12-month high of $2.83.

Lexicon Pharmaceuticals (NASDAQ:LXRX) last issued its quarterly earnings data on Thursday, March 6th. The biopharmaceutical company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.02. Lexicon Pharmaceuticals had a negative net margin of 4,109.41% and a negative return on equity of 107.38%. The firm had revenue of $26.55 million for the quarter, compared to analyst estimates of $6.48 million. On average, sell-side analysts forecast that Lexicon Pharmaceuticals will post -0.66 earnings per share for the current year.

Institutional Investors Weigh In On Lexicon Pharmaceuticals

Hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets grew its position in shares of Lexicon Pharmaceuticals by 71.2% during the third quarter. BNP Paribas Financial Markets now owns 31,853 shares of the biopharmaceutical company’s stock worth $50,000 after buying an additional 13,246 shares in the last quarter. Bayesian Capital Management LP purchased a new position in Lexicon Pharmaceuticals in the fourth quarter worth approximately $31,000. RPO LLC acquired a new position in Lexicon Pharmaceuticals during the 4th quarter worth approximately $33,000. Renaissance Technologies LLC purchased a new stake in shares of Lexicon Pharmaceuticals in the 4th quarter valued at approximately $38,000. Finally, Arizona State Retirement System raised its holdings in shares of Lexicon Pharmaceuticals by 34.4% in the 4th quarter. Arizona State Retirement System now owns 62,976 shares of the biopharmaceutical company’s stock valued at $47,000 after purchasing an additional 16,136 shares in the last quarter. Institutional investors and hedge funds own 74.70% of the company’s stock.

About Lexicon Pharmaceuticals

Lexicon Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of pharmaceutical products. Its orally-delivered small molecule drug candidates under development comprise Sotagliflozin that completed Phase III clinical trials for the for the treatment of heart failure and type 1 diabetes; and LX9211, which is in Phase II clinical development for the treatment of neuropathic pain and LX2761, which is in Phase I clinical development for gastrointestinal tract.