H.C. Wainwright Reiterates Buy Rating on Lexicon Pharmaceuticals (LXRX)

H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating and $4.00 price target on Lexicon Pharmaceuticals (NASDAQ: LXRX).

The analyst commented: "Lexicon announced favorable topline results from the Phase 2b dose-optimization PROGRESS clinical trial evaluating pilavapadin (LX9211) in patients with diabetic peripheral neuropathic pain (DPNP) on March 3. Recall, PROGRESS aimed to validate previous Phase 2 RELIEF DPN-1 efficacy and safety results, and identify an appropriate dose to advance into Phase 3 clinical development. While complete data analyses are still ongoing, and are anticipated at a medical conference later in the year (most likely ADA in June), topline results demonstrated that pilavapadin: 1) achieved meaningful average daily pain score (ADPS) reductions, and separation from baseline and placebo in the 10 mg dose; and 2) was well-tolerated with a placebo-like study completion rates in the 10 mg dose. We note that PROGRESS removed the 10-fold, day one loading-dose (100 mg/10 mg or 200 mg/20 mg doses) that was present in RELIEF DPN-1 (n=319), and examined single daily doses of 10 mg, 20 mg for one week followed by 10 mg or 20 mg thereafter (n=496; see study design next). As observed below, all pilavapadin treatment arms demonstrated reductions in ADPS, at week eight vs. baseline, with the 10 mg, 20 mg/10 mg and 20 mg dose arms achieving reductions of 1.74, 1.70 and 1.38, respectively, compared to a reduction of 1.31 in the placebo arm (post-hoc analysis of 10 mg and 20 mg/10 mg arms combined vs. placebo, p=0.04). As a reminder, RELIEF DPN-1 exhibited ADPS reductions of 1.39 points (p=0.007 vs. placebo) in the low dose arm and 1.27 points (p=0.03 vs. placebo) in the high dose arm, compared to 0.72 in the placebo arm. In RELIEF DPN-1, p<0.028 was considered statistically significant. Reiterate Buy rating and $4 PT."

For an analyst ratings summary and ratings history on Lexicon Pharmaceuticals click here. For more ratings news on Lexicon Pharmaceuticals click here.

Shares of Lexicon Pharmaceuticals closed at $0.29 yesterday.

You May Also Be Interested In

• Correction: Kepler Cheuvreux Upgrades Siemens AG (SIE:GR) (SIEGY) to Hold
• BNP Paribas Exane Upgrades Novonesis A/S (NSISB:DC) to Neutral
• ​Trump said he was unaware of his earnings from crypto