Nantahala Capital Management LLC Sells 6,143,300 Shares of Lexicon Pharmaceuticals, Inc. $LXRX

Key Points

• Nantahala Capital Management LLC significantly reduced its stake in Lexicon Pharmaceuticals by 93%, selling 6,143,300 shares and now holding only 460,850 shares valued at approximately $212,000.
• Despite the stake reduction, other institutional investors like CWM LLC increased their holdings with a significant purchase of over 104,000 shares, boosting their stake by 9,228.4%.
• Lexicon Pharmaceuticals reported a surprise profit of $0.01 earnings per share, beating estimates of a loss, alongside revenues that far exceeded expectations at $28.87 million for the quarter.

Nantahala Capital Management LLC decreased its position in Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX - Free Report) by 93.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 460,850 shares of the biopharmaceutical company's stock after selling 6,143,300 shares during the quarter. Nantahala Capital Management LLC owned approximately 0.13% of Lexicon Pharmaceuticals worth $212,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Bayesian Capital Management LP bought a new position in shares of Lexicon Pharmaceuticals in the fourth quarter valued at approximately $31,000. Renaissance Technologies LLC acquired a new stake in shares of Lexicon Pharmaceuticals in the fourth quarter worth $38,000. Straight Path Wealth Management acquired a new stake in shares of Lexicon Pharmaceuticals in the first quarter worth $29,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Lexicon Pharmaceuticals in the first quarter worth $32,000. Finally, Invesco Ltd. grew its stake in shares of Lexicon Pharmaceuticals by 60.6% in the fourth quarter. Invesco Ltd. now owns 104,494 shares of the biopharmaceutical company's stock worth $77,000 after acquiring an additional 39,420 shares during the last quarter. Institutional investors own 74.70% of the company's stock.

Lexicon Pharmaceuticals Price Performance

Shares of Lexicon Pharmaceuticals stock traded down $0.01 during midday trading on Thursday, hitting $1.07. 1,521,901 shares of the company were exchanged, compared to its average volume of 8,221,237. The company has a debt-to-equity ratio of 0.43, a current ratio of 4.16 and a quick ratio of 4.16. The firm has a market cap of $388.84 million, a P/E ratio of -3.24 and a beta of 1.26. Lexicon Pharmaceuticals, Inc. has a 52 week low of $0.28 and a 52 week high of $2.18. The firm has a 50 day simple moving average of $1.10 and a 200-day simple moving average of $0.76.

Lexicon Pharmaceuticals (NASDAQ:LXRX - Get Free Report) last issued its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.09. Lexicon Pharmaceuticals had a negative net margin of 206.43% and a negative return on equity of 83.63%. The company had revenue of $28.87 million for the quarter, compared to the consensus estimate of $4.87 million. Research analysts forecast that Lexicon Pharmaceuticals, Inc. will post -0.66 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. HC Wainwright restated a "buy" rating and issued a $4.00 price objective on shares of Lexicon Pharmaceuticals in a research note on Tuesday. Citigroup raised their price objective on shares of Lexicon Pharmaceuticals from $1.20 to $1.90 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Lexicon Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus target price of $3.23.

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.