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

Lexicon Pharmaceuticals (NASDAQ:LXRX) had its price target cut by Piper Sandler from $10.00 to $6.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

A number of other research firms have also recently issued reports on LXRX. Leerink Partnrs cut shares of Lexicon Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 5th. HC Wainwright reiterated a “buy” rating and set a $4.00 price objective on shares of Lexicon Pharmaceuticals in a research report on Monday, March 3rd. Leerink Partners reiterated a “market perform” rating and set a $1.00 price objective (down from $2.00) on shares of Lexicon Pharmaceuticals in a research report on Tuesday, March 4th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lexicon Pharmaceuticals in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Lexicon Pharmaceuticals presently has a consensus rating of “Hold” and a consensus price target of $3.67.

Lexicon Pharmaceuticals Price Performance

Shares of NASDAQ:LXRX opened at $0.39 on Friday. The firm has a 50 day moving average of $0.73 and a 200-day moving average of $1.13. The stock has a market capitalization of $96.48 million, a PE ratio of -0.52 and a beta of 1.04. The company has a current ratio of 7.45, a quick ratio of 7.43 and a debt-to-equity ratio of 0.56. 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 earnings results on Thursday, March 6th. The biopharmaceutical company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.02. The company had revenue of $26.55 million during the quarter, compared to analysts’ expectations of $6.48 million. Lexicon Pharmaceuticals had a negative net margin of 4,109.41% and a negative return on equity of 107.38%. On average, equities research analysts predict that Lexicon Pharmaceuticals will post -0.66 EPS for the current fiscal year.

Hedge Funds Weigh In On Lexicon Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC boosted its stake in shares of Lexicon Pharmaceuticals by 28.9% in the 3rd 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 last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Lexicon Pharmaceuticals by 4.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,417,295 shares of the biopharmaceutical company’s stock valued at $2,225,000 after purchasing an additional 58,147 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Lexicon Pharmaceuticals in the 3rd quarter valued at $126,000. Geode Capital Management LLC boosted its stake in shares of Lexicon Pharmaceuticals by 8.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,523,971 shares of the biopharmaceutical company’s stock valued at $5,534,000 after purchasing an additional 273,436 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Lexicon Pharmaceuticals in the 3rd quarter valued at $189,000. 74.70% of the stock is currently owned by institutional investors and hedge funds.

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.