Lexicon Pharmaceuticals Inc (NASDAQ: LXRX)
Ipsen (IPSEY) announced that its partner, Lexicon Pharmaceuticals (LXRX), disclosed positive results from the pivotal Phase 3 TELESTAR study. TELESTAR evaluated the efficacy and safety of telotristat etiprate for carcinoid syndrome patients with metastatic neuroendocrine tumor inadequately controlled by somatostatin analog, the current standard of care. Yahoo Finance
“We are extremely pleased with these top-line results,” said Lexicon President and Chief Executive Officer Lonnel Coats. “Carcinoid syndrome is severely debilitating, preventing many patients from leading active and predictable lives, and unfortunately, a majority of patients will not be adequately controlled over time with the current standard of care. We are committed to working closely with the FDA to file our first new drug application (NDA) and to bring this innovative new treatment to patients whose lives are already impacted by the challenges of cancer.” PR Newswire
LXRX Technical Analysis
LXRX gapped up in price today to $11.19 up from yesterday’s close of $8.44 which is a 33% increase based on favorable news regarding their drug study. LXRX is a biopharmaceutical stock and these type of stocks see big moves based on news regarding their drug trials. Taking a look at the daily chart we can see the gap up in price today puts it close to its 52 week high of $11.83 which was reached on Aug 6, 2014. We can also see a high reached of $11.48 back on Aug 18, 2014, these two prices formed a double top on the daily chart that the stock has not reached again. I would look for $11.48 to be my entry price for the stock today with a possible add on at $11.83. An Exit price I would use $11.00, fearing if it falls below that level we may see the stock fill in the gap up in price.
About Lexicon Pharmaceuticals Inc
Lexicon Pharmaceuticals, Inc., a biopharmaceutical company, focuses on the discovery and development of pharmaceutical products for the treatment of human diseases. Its drug development programs include telotristat etiprate, an orally-delivered small molecule drug candidate, which is in Phase III clinical trials for the treatment of carcinoid syndrome. The companys drug development programs also comprise Sotagliflozin, an orally-delivered small molecule drug candidate that has completed Phase II clinical trials to treat type 1 diabetes; and has completed two Phase II clinical trials to treat type 2 diabetes, as well as for the treatment of type 2 diabetes in patients with renal impairment. In addition, it develops LX1033, an orally-delivered small molecule compound, which has completed Phase II clinical trials for the treatment of irritable bowel syndrome; LX2931, an orally-delivered small molecule compound that has completed Phase II clinical trials to treat autoimmune disease; and LX7101, a topically-delivered small molecule compound that has completed Phase I clinical trials for the treatment of glaucoma. Further, the companys preclinical development programs comprise LX2761, an orally-delivered small molecule compound for the treatment of diabetes. It has license and collaboration agreement with Ipsen Pharma SAS; and drug discovery alliance with Bristol-Myers Squibb Company and Genentech, Inc. The company was founded in 1995 and is headquartered in The Woodlands, Texas. Yahoo Finance