Dallas, Texas 01/01/2014 (FINANCIALSTRENDS) – The recent clinical trial failures seem to be acting as major setback for the Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX). The company recently announced that its phase 2 study of LX 1033 in IBS-D has failed to meet its primary endpoint. Now as already so much time has been spent on the development and the testing of LX 1033 it seems very bleak that the company will go ahead with further testing and development.
All these negative news have resulted into the downgrade of the company’s share. Many trading firm analysts have given it a sell rating and Merrill Lynch has also assigned it as an underperform rating. In fact Bank of America has also maintained an underperform rating and as per them the price target of Lexicon Pharmaceuticals, Inc. is around $1.50. Now if we talk about different ratings there are over four different analysts who have given Lexicon Pharmaceuticals, Inc. as a sell rating and only 2 trading experts have given it a buy rating.
Overview of Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX)
Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) is a Bio-Pharma company that mainly focuses on discovering and developing a significant breakthrough in treatments for different human diseases. The company uses it unique gene-knockout technologies and has an integrated platform that helps them to study behavioral and physiological functions of almost 5000 different genes in mice and. The Lexicon Pharmaceuticals, Inc. has a total of five different drug programs in the stages of clinical development and advanced small molecule compounds.
The average rating on Lexicon Pharmaceuticals, Inc. is hold and if we talk about the average price target of this stock then it comes out to be $2.17. The only reason for hold rating on this stock is because the bio-Pharma company still has some arrows to shoot because there are few drugs which are awaiting clearances.