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Lexicon (LXRX) to Reprioritize Portfolio, Slash Jobs, Stock Up
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Lexicon Pharmaceuticals, Inc. (LXRX - Free Report) announced a strategic review, including the reprioritization of its current portfolio of marketed products and pipeline candidates and reducing operational expenses, to drive future business growth.
As part of the portfolio reprioritization, LXRX is looking to reduce its current headcount by almost 50%, which is likely to be completed later in the ongoing quarter. Owing to this, the company expects to reduce its operating costs by $40 million in 2025.
The company also remains focused on ensuring that its ongoing pivotal phase III study evaluating sotagliflozin in hypertophic cardiomyopathy (HCM) and the phase IIb dose optimization study of pipeline candidate, LX9211 in diabetic neuropathic pain is fully funded.
Importantly, the company is looking to refocus and optimize its promotional efforts for Inpefa (sotagliflozin) in heart failure and reallocate resources to support the potential commercial launch of Zynquista (sotagliflozin) for the improvement of glycemic control in adults with type 1 diabetes and chronic kidney disease (CKD).
Shares of Lexicon were up 8.8% on Aug 13 following the announcement of the news. The stock has rallied 13.1% year to date against the industry's decline of 3.9%.
Image Source: Zacks Investment Research
In July 2024, the FDA accepted Lexicon’s resubmitted new drug application (NDA) seeking approval for sotagliflozin as an adjunct to insulin therapy for glycemic control in adults with type 1 diabetes (T1D) and CKD.
A final decision from the regulatory body is expected by Dec 20, 2024. If approved, the product will be marketed under the brand name Zynquista.
We remind investors that the FDA approved sotagliflozin under the brand name of Inpefa to reduce the risk of death and hospitalization in adults with either heart failure or those with type II diabetes mellitus, CKD and other cardiovascular risk factors in May 2023.
Lexicon remains focused on driving growth and expanding market access for Inpefa while supporting the launch of Zynquista upon potential approval.
The company also remains focused on the IND-enabling studies of its pipeline candidate, LX9851 being developed for treating obesity and weight management.
In the past 60 days, estimates for Illumina’s 2024 earnings per share have moved up from $1.18 to $2.74. Earnings per share estimates for 2025 have improved from $2.81 to $4.24. Year to date, shares of ILMN have lost 14%.
ILMN’s earnings beat estimates in each of the trailing four quarters, the average surprise being 463.46%.
In the past 60 days, estimates for Fulcrum Therapeutics’ 2024 loss per share have narrowed from $1.24 to 48 cents. Loss per share estimates for 2025 have narrowed from $1.71 to $1.51. Year to date, shares of FULC have increased 35.9%.
FULC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 393.18%.
In the past 60 days, estimates for Entrada Therapeutics’ 2024 loss per share have narrowed from 14 cents to 13 cents. Loss per share estimates for 2025 have narrowed from $3.44 to $3.21. Year to date, shares of TRDA have risen 4.7%.
TRDA’s earnings beat estimates in two of the trailing four quarters while missing the same on the remaining two occasions, the average surprise being 42.18%.
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Lexicon (LXRX) to Reprioritize Portfolio, Slash Jobs, Stock Up
Lexicon Pharmaceuticals, Inc. (LXRX - Free Report) announced a strategic review, including the reprioritization of its current portfolio of marketed products and pipeline candidates and reducing operational expenses, to drive future business growth.
As part of the portfolio reprioritization, LXRX is looking to reduce its current headcount by almost 50%, which is likely to be completed later in the ongoing quarter. Owing to this, the company expects to reduce its operating costs by $40 million in 2025.
The company also remains focused on ensuring that its ongoing pivotal phase III study evaluating sotagliflozin in hypertophic cardiomyopathy (HCM) and the phase IIb dose optimization study of pipeline candidate, LX9211 in diabetic neuropathic pain is fully funded.
Importantly, the company is looking to refocus and optimize its promotional efforts for Inpefa (sotagliflozin) in heart failure and reallocate resources to support the potential commercial launch of Zynquista (sotagliflozin) for the improvement of glycemic control in adults with type 1 diabetes and chronic kidney disease (CKD).
Shares of Lexicon were up 8.8% on Aug 13 following the announcement of the news. The stock has rallied 13.1% year to date against the industry's decline of 3.9%.
Image Source: Zacks Investment Research
In July 2024, the FDA accepted Lexicon’s resubmitted new drug application (NDA) seeking approval for sotagliflozin as an adjunct to insulin therapy for glycemic control in adults with type 1 diabetes (T1D) and CKD.
A final decision from the regulatory body is expected by Dec 20, 2024. If approved, the product will be marketed under the brand name Zynquista.
We remind investors that the FDA approved sotagliflozin under the brand name of Inpefa to reduce the risk of death and hospitalization in adults with either heart failure or those with type II diabetes mellitus, CKD and other cardiovascular risk factors in May 2023.
Lexicon remains focused on driving growth and expanding market access for Inpefa while supporting the launch of Zynquista upon potential approval.
The company also remains focused on the IND-enabling studies of its pipeline candidate, LX9851 being developed for treating obesity and weight management.
Zacks Rank & Stocks to Consider
Lexicon currently carries a Zacks Rank #3 (Hold).
Some top-ranked stocks in the biotech sector are Illumina, Inc. (ILMN - Free Report) , Fulcrum Therapeutics, Inc. (FULC - Free Report) and Entrada Therapeutics, Inc. (TRDA - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Illumina’s 2024 earnings per share have moved up from $1.18 to $2.74. Earnings per share estimates for 2025 have improved from $2.81 to $4.24. Year to date, shares of ILMN have lost 14%.
ILMN’s earnings beat estimates in each of the trailing four quarters, the average surprise being 463.46%.
In the past 60 days, estimates for Fulcrum Therapeutics’ 2024 loss per share have narrowed from $1.24 to 48 cents. Loss per share estimates for 2025 have narrowed from $1.71 to $1.51. Year to date, shares of FULC have increased 35.9%.
FULC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 393.18%.
In the past 60 days, estimates for Entrada Therapeutics’ 2024 loss per share have narrowed from 14 cents to 13 cents. Loss per share estimates for 2025 have narrowed from $3.44 to $3.21. Year to date, shares of TRDA have risen 4.7%.
TRDA’s earnings beat estimates in two of the trailing four quarters while missing the same on the remaining two occasions, the average surprise being 42.18%.