UPDATE: Jefferies Initiates Lexicon Pharmaceuticals at Buy on Class-Leading SGLT Inhibitor

In a report published on Wednesday, Jefferies analyst Thomas Wei initiated coverage on Lexicon Pharmaceuticals LXRX with a Buy Rating and a price target of $3.50.

In the report, Jefferies stated, "We believe investors have underestimated the potential for SGLTs to show a CV outcomes benefit. We see an LX4211 pharma deal as a potential near-term catalyst prior to Phase 3 trials."

Lexicon Pharmaceuticals closed on Wednesday at $2.22.