H.C. Wainwright lowered the firm’s price target on Lexicon (LXRX) to $4 from $6 and keeps a Buy rating on the shares. The company announced that following a “deficiencies preclude discussion” letter from the FDA related to Zynquista, it is implementing a strategic restructuring, eliminating its commercial operations, and rationalizing resources to preserve its cash position and prioritize its current clinical development pipeline, the analyst tells investors in a research note. The firm says Lexicon is eliminating commercial operations to concentrate on clinical progress.
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Read More on LXRX:
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
