Shares of Lexicon Pharmaceuticals Inc. (LXRX) are trading up 34.11% at $2.03 per share during Thursday’s mid – morning trading session. The biopharmaceutical company said a study of its LX4211, a new oral diabetes drug, for treating type 2 diabetes showed “positive” results.
“The significant elevations of GLP-1 levels observed in the study are particularly important given its established relevance in the treatment of diabetes,” said in a statement Brian Zambrowicz, Lexicon’s executive vice president and chief scientific officer.
Today’s trading range for shares of Lexicon has been between $1.76 and $2.06 per share. Shares continue trading up on massive trading volume. Just over halfway through the trading day, more than 13.3 million shares have already changed hands, compared with a three-month daily average of just 868,000 shares.
At last check, LXRX was up 51 cents, or 33.43%, to $2.02. The median Wall Street price target on the stock is $2.25 with a high target of $2.50.
Lexicon Pharmaceuticals, Inc., was founded in 1995 and is headquartered in The Woodlands, Texas. The co. focuses on the discovery and development of pharmaceutical products for the treatment of human disease, including immunology, metabolism, cardiology, and ophthalmology.