Lexicon Pharmaceuticals (NASDAQ:LXRX) stock is soaring higher on Tuesday after getting an upgrade from Citi analyst Yigal Nochomovitz.
The boost to LXRX stock comes as Nochomovitz bumps it up to a new rating of buy from the previous neutral rating. The bullish stance comes after the company posted results for its experimental diabetes drug last month.
According to the Citi analyst, Lexicon Pharmaceuticals has a chance to “regain momentum” thanks to these results. He points out that partnership talks with the company are ongoing and could be a boon to LXRX stock, reports Seeking Alpha.
Lexicon Pharmaceuticals saw a similar boost to LXRX stock when it first announced the results back in November. The company noted at the time that heart failure drug sotagliflozin did well in both soloists and scored studies.
It’s worth noting that Citi’s new rating for LXRX stock has it falling in line with other analysts. The stock currently has a consensus buy rating from analysts. That comes from five buy ratings, two hold ratings, and one sell rating.
Lexicon Pharmaceuticals is seeing heavy trading today following the upgrade from Nochomovitz. As of this writing, more than 88 million shares of LXRX stock have changed hands. That’s a massive spike compared to the company’s daily average trading volume of 2.77 million shares.
LXRX stock was up 89% as of Tuesday morning but is down 20.1% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
