J.P. Morgan Maintains Overweight Rating on Lexicon Pharmaceuticals

J.P. Morgan is maintaining its OW rating on Lexicon Pharmaceuticals, Inc. LXRX. “We are maintaining our OW rating on LXRX following today's R&D Day in NY, at which the company provided several incremental updates across its development pipeline,” J.P. Morgan writes. “All programs are generally progressing as expected, and we believe that LXRX is well positioned with a diversified and wholly owned pipeline, compelling proof-of-concept data (for LX4211 in diabetes in particular), near-term news flow, and a solid cash position. “In our view, LX4211 will be the company's key value driver for at least the next couple of years, and we believe the pending Ph2b study has a high probability of success (data 1H12).” Lexicon Pharmaceuticals closed Thursday at $1.66.