Leerink Partnrs Downgrades Lexicon Pharmaceuticals (NASDAQ:LXRX) to Hold

Lexicon Pharmaceuticals (NASDAQ:LXRX) was downgraded by stock analysts at Leerink Partnrs from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other brokerages have also weighed in on LXRX. Needham & Company LLC restated a “hold” rating on shares of Lexicon Pharmaceuticals in a report on Monday. HC Wainwright restated a “buy” rating and issued a $4.00 price target on shares of Lexicon Pharmaceuticals in a research report on Monday. Finally, Leerink Partners restated a “market perform” rating and issued a $1.00 target price (down previously from $2.00) on shares of Lexicon Pharmaceuticals in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $2.50.

Lexicon Pharmaceuticals Trading Up 3.4 %

LXRX opened at $0.34 on Wednesday. The firm has a market cap of $82.74 million, a P/E ratio of -0.45 and a beta of 1.04. The company has a quick ratio of 7.43, a current ratio of 7.45 and a debt-to-equity ratio of 0.56. The business has a fifty day simple moving average of $0.74 and a 200-day simple moving average of $1.16. Lexicon Pharmaceuticals has a 52 week low of $0.28 and a 52 week high of $2.83.

Hedge Funds Weigh In On Lexicon Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of LXRX. FMR LLC raised its stake in shares of Lexicon Pharmaceuticals by 28.9% during the third quarter. FMR LLC now owns 49,867,042 shares of the biopharmaceutical company’s stock valued at $78,291,000 after purchasing an additional 11,179,919 shares during the period. Point72 Asset Management L.P. raised its holdings in shares of Lexicon Pharmaceuticals by 630.7% during the fourth quarter. Point72 Asset Management L.P. now owns 8,988,421 shares of the biopharmaceutical company’s stock valued at $6,638,000 after buying an additional 7,758,371 shares during the last quarter. Schonfeld Strategic Advisors LLC increased its stake in Lexicon Pharmaceuticals by 301.5% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 7,558,621 shares of the biopharmaceutical company’s stock valued at $5,582,000 after buying an additional 5,676,021 shares during the period. Nantahala Capital Management LLC raised its stake in shares of Lexicon Pharmaceuticals by 186.6% in the 4th quarter. Nantahala Capital Management LLC now owns 6,604,150 shares of the biopharmaceutical company’s stock worth $4,877,000 after buying an additional 4,300,000 shares in the last quarter. Finally, Tang Capital Management LLC grew its position in Lexicon Pharmaceuticals by 750.3% in the fourth quarter. Tang Capital Management LLC now owns 850,268 shares of the biopharmaceutical company’s stock worth $628,000 after buying an additional 750,268 shares during the last quarter. 74.70% of the stock is owned by institutional investors and hedge funds.

Lexicon Pharmaceuticals Company Profile

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.