Lexicon Pharmaceuticals (NASDAQ:LXRX) Share Price Breaks Above 50-Day Moving Average - Here's Why

Key Points

• Lexicon Pharmaceuticals rose above its 50-day moving average, reaching an intraday high of $1.92 before last trading at $1.82; trading volume was about 2.56 million shares.
• Analyst opinions are mixed, with MarketBeat reporting an average Hold rating and a consensus price target of $5.80. Targets cited range from $3.40 at Citi to $8.00 at Cantor Fitzgerald.
• The company beat quarterly estimates, reporting a loss of $0.03 per share versus the expected $0.06 loss and revenue of $11.25 million versus $4.14 million expected. CEO Michael Exton also bought 30,064 shares at an average price of $1.66.

Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX - Get Free Report)'s share price passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $1.80 and traded as high as $1.9178. Lexicon Pharmaceuticals shares last traded at $1.82, with a volume of 2,560,531 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on LXRX shares. Cantor Fitzgerald assumed coverage on Lexicon Pharmaceuticals in a research note on Monday, September 28th. They set an "overweight" rating and a $8.00 price objective for the company. Citigroup lifted their price target on Lexicon Pharmaceuticals from $3.10 to $3.40 and gave the stock a "buy" rating in a research report on Monday. Wall Street Zen upgraded shares of Lexicon Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research note on Sunday. Weiss Ratings reissued a "sell (d-)" rating on shares of Lexicon Pharmaceuticals in a research report on Wednesday, October 21st. Finally, Zacks Research lowered shares of Lexicon Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $5.80.

Lexicon Pharmaceuticals Trading Up 2.2%

The company has a debt-to-equity ratio of 0.29, a quick ratio of 13.29 and a current ratio of 13.37. The firm has a market cap of $809.83 million, a PE ratio of -13.00 and a beta of 1.10. The stock has a 50-day simple moving average of $1.80 and a two-hundred day simple moving average of $1.89.

Lexicon Pharmaceuticals (NASDAQ:LXRX - Get Free Report) last posted its quarterly earnings data on Thursday, November 5th. The biopharmaceutical company reported ($0.03) EPS for the quarter, beating analysts' consensus estimates of ($0.06) by $0.03. The company had revenue of $11.25 million during the quarter, compared to analysts' expectations of $4.14 million. Lexicon Pharmaceuticals had a negative return on equity of 37.53% and a negative net margin of 147.38%. As a group, sell-side analysts anticipate that Lexicon Pharmaceuticals, Inc. will post -0.16 EPS for the current year.

Insider Buying and Selling

In other Lexicon Pharmaceuticals news, CEO Michael Exton purchased 30,064 shares of the firm's stock in a transaction on Friday, November 6th. The shares were acquired at an average cost of $1.66 per share, for a total transaction of $49,906.24. Following the completion of the transaction, the chief executive officer owned 328,496 shares of the company's stock, valued at approximately $545,303.36. The trade was a 10.07% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 14.00% of the company's stock.

Institutional Investors Weigh In On Lexicon Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of LXRX. Siren L.L.C. lifted its position in Lexicon Pharmaceuticals by 13.8% during the first quarter. Siren L.L.C. now owns 44,303,518 shares of the biopharmaceutical company's stock valued at $69,113,000 after purchasing an additional 5,384,615 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Lexicon Pharmaceuticals by 508.0% in the first quarter. Renaissance Technologies LLC now owns 1,600,500 shares of the biopharmaceutical company's stock worth $2,497,000 after buying an additional 1,337,246 shares during the period. ADAR1 Capital Management LLC bought a new position in shares of Lexicon Pharmaceuticals in the first quarter worth about $1,170,000. Bank of New York Mellon Corp purchased a new position in shares of Lexicon Pharmaceuticals during the 2nd quarter valued at about $1,365,000. Finally, Bank of America Corp DE lifted its position in shares of Lexicon Pharmaceuticals by 415.3% during the 1st quarter. Bank of America Corp DE now owns 526,103 shares of the biopharmaceutical company's stock valued at $821,000 after buying an additional 424,006 shares in the last quarter. 74.70% of the stock is currently owned by hedge funds and other institutional investors.

Lexicon Pharmaceuticals Company Profile

Lexicon Pharmaceuticals, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious and chronic diseases. The company uses its drug discovery platform to identify small-molecule treatments designed to target specific biological pathways, with an emphasis on metabolic, cardiovascular and neurological conditions.

Lexicon's commercial products include INPEFA (sotagliflozin), an oral medicine approved in the United States to reduce the risk of cardiovascular death, hospitalization for heart failure and urgent heart-failure visits in certain adults with heart failure or type 2 diabetes and chronic kidney disease.

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