Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX)
Lexicon Pharmaceuticals is having a great start to today’s trading session. At the opening bell, the stock was trading slightly in the green. However, as soon as trading started, we began to see incredibly strong upward movement. Below, we’ll talk about what we’re seeing from LXRX, why, and what we’ll be watching for ahead.
What We’re Seeing From LXRX
As mentioned above, Lexicon Pharmaceuticals is having an incredibly strong start to the trading session. After beginning the day slightly in the green, the stock made a run for the top as soon as the opening bell rang. Since then, we’ve seen a continuation of strong movement throughout the first 20 minutes or so. Currently (9:49), LXRX is trading at $16.05 per share after a gain of $0.33 per share (2.10%) thus far today.
Why The Stock Is Making A Run For The Top
As is almost always the case, our partners at Trade Ideas were the first to inform us of the gains on LXRX. As soon as we received the alert, the CNA Finance team started working to see exactly what was causing the gains. In this particular case, there has been no fundamental news released by the company that would lead to such movement. However, we were still able to dig up the cause for the gains.
The gains are ultimately the result of expectations of FDA approval. In fact, the FDA will weigh in on Lexicon Pharmaceuticals’ Telotristat Ethyl tomorrow. Considering the data that was released following clinical studies of the treatment, investors believe that there’s a high likelihood of approval.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on LXRX. In particular, we’ll be watching for the news surrounding the potential approval of the treatment that should be released tomorrow. We’ll keep a close eye on the story and continue to bring you the updates as it evolves.
Update 2/28/2017 9:37: Surprisingly, we haven’t heard from the FDA yet. Nonetheless, today is the PDUFA date on the application. We’ll continue to watch the news closely and bring it to you as it breaks!
Update 2/28/2017 10:46: Given the lack of news, we called LXRX to see if anything was available. Unfortunately, the company is not commenting at this time. Nonetheless, we’ll continue to follow the story and bring the updates to you as they break!
Update 2/28/2017 (After Hours) – Lexicon Pharmaceuticals has announced that the US Food and Drug Administration has approved XERMELO(TM) 250 mg as a first and only orally administered therapy for the treatment of carcinoid syndrome diarrhea. In a statement, Lonnel Coats, CEO and President at LXRX had the following to offer…
“Today’s approval of XERMELO represents a shift in the treatment paradigm of carcinoid syndrome diarrhea for cancer patients who are inadequately controlled by SSA therapy, and until now, have had limited options to manage this debilitating condition…We are proud to have discovered and developed this ground-breaking orphan drug, and it is an honor to make it available for the thousands of patients currently suffering from this condition who wish to lead a more routine life with fewer incidences of severe diarrhea.”
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