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LXRX

Lexicon

$6.29

-1.67 (-20.98%)

09:04
03/25/19
03/25
09:04
03/25/19
09:04

Lexicon upgraded to Hold from Sell at Gabelli

Gabelli analyst Kevin Kedra upgraded Lexicon to Hold from Sell after the company announced that the FDA had issued a complete response letter for sotagliflozin to treat type 1 diabetes, consistent with his expectations. Kedra is raising his recommendation to Hold now that the negative catalyst of the CRL has past and the stock has pulled back by over 20%. Lexicon can now look towards a European launch of sotagliflozin and Phase 3 data readouts for the type 2 program in the second half of 2019, Kedra tells investors. He has 2020 private market value estimate of $6 per share for Lexicon.

  • 25

    Apr

LXRX Lexicon
$6.29

-1.67 (-20.98%)

03/13/19
GABE
03/13/19
DOWNGRADE
GABE
Sell
Lexicon downgraded to Sell from Hold at Gabelli
03/14/19
GABE
03/14/19
DOWNGRADE
GABE
Sell
Lexicon downgraded to Sell at Gabelli on expected FDA rejection of sotagliflozin
As previously reported, Gabelli analyst Kevin Kedra downgraded Lexicon to Sell from Hold, citing his expectation that the FDA will reject sotagliflozin in type 1 diabetes by its March 22 PDUFA date following a split AdCom vote in January. He believes the FDA is likely to require additional information regarding a risk mitigation strategy to reduce incidences of diabetic ketoacidosis in type 1 patients on sotagliflozin, which is "a manageable hurdle," but one that will likely take additional time to navigate, Kedra tells investors. He has reduced his 2020 private market value estimate for Lexicon shares to $6.00 from $6.50.
03/14/19
03/14/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Lexicon (LXRX) downgraded to Sell from Hold at Gabelli with analyst Kevin Kedra citing his expectation that the FDA will reject sotagliflozin in type 1 diabetes by its March 22 PDUFA date following a split AdCom vote in January. 2. Sun Life Financial (SLF) downgraded to Underperformer from Neutral at CIBC. 3. Yum China (YUMC) downgraded to Outperform from Buy at Daiwa with analyst Adrian Chan citing valuation but says long-term growth remains intact. 4. Line Corp. (LN) downgraded to Underperform from Neutral at Credit Suisse. 5. Nabors Industries (NBR) downgraded to Neutral from Buy at Citi with analyst Scott Gruber saying Nabors' free cash flow outlook is weighted towards the second half of 2019, with Q1 likely to be a cash burn of $40M-plus. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/25/19
STFL
03/25/19
NO CHANGE
Target $10
STFL
Buy
Lexicon price target lowered to $10 from $14 after CRL receipt at Stifel
Stifel analyst Stephen Willey has adjusted his model to a "substantially more-conservative scenario" for the launch of sotagliflozin for Type 1 diabetes following Lexicon's disclosure of its receipt of a Complete Response Letter, or CRL, from the FDA regarding its new drug application. He sees a lack of near-term visibility into what will be needed to satisfy the agency's concerns and now assumes a T1D commercial launch in the first half of 2021, Willey tells investors. He lowered his price target on Lexicon shares to $10 from $14 and admits that the near-term uncertainty "makes it increasingly difficult to stay positive on the stock," but Willey keeps a Buy rating as he sees multiple milestone-yielding data disclosures upcoming from the company's studies in Type 2 diabetes.

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