Here is why Lexicon Pharmaceuticals Inc. (LXRX) stock performed well on Thursday?

Lexicon Pharmaceuticals Inc. (LXRX) shares surged 6.47% in after-hours on Thursday, December 30, 2021, and closed the daily trading at $4.44. Even in the regular trading sessions of Thursday, LXRX’s stock gained 1.71%. LXRX shares have risen 25.98% over the last 12 months, and they have moved down 0.71% in the past week. Over the past three months, the stock has lost 13.31%, while over the past six months, it has declined 4.36%.

Let’s see what are the latest news about the company?

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LXRX NDA for sotagliflozin

On December 30, 2021, Lexicon Pharmaceuticals, Inc. (LXRX) submitted a New Drug Application to the U.S. Food and Drug Administration seeking approval for the marketing and sale of sotagliflozin.

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sotagliflozin can reduce the risk of cardiovascular death, hospitalization for heart failure, and urgent visits for heart failure in adult patients with type 2 diabetes with either worsening heart failure or additional risk factors for heart failure irrespective of left ventricular ejection fraction.

LXRX new clinical data for Sotagliflozin

On November 14, 2021, Lexicon Pharmaceuticals, Inc. (LXRX) presented a new analysis evaluating the clinical benefit of Lexicon’s investigational drug, sotagliflozin, in heart failure and blood glucose control across the full range of kidney function at the virtual American Heart Association Scientific Sessions 2021.

Dr. Bhatt said that the new data proved that the sotagliflozin consistently reduced total cardiovascular deaths, hospitalizations for heart failure, and urgent visits for heart failure across the full range of kidney function. He further said that the dual mechanism of SGLT1 and SGLT2 inhibition also significantly reduced hemoglobin A1c across the full range of kidney function studied.

LXRX participation in the recent events

Lexicon Pharmaceuticals, Inc recently participated at Piper Sandler 33rd Annual Healthcare Conference, which was held on November 30-December 2, 2021. The company’s management participated in a fireside chat at the conference.

LXRX also participated in the Jefferies London Healthcare Conference, which was held on November 16-19, 2021. The Lexicon’s chief executive officer, Lonnel Coats did a company presentation during the event.

LXRX latest financial results

On November 03, 2021, Lexicon Pharmaceuticals, Inc. (LXRX), announced its financial results for the three months ended September 30, 2021.

Q3 2021 financial highlights

  • LXRX reported negligible revenue in Q3 2021 compared to $6.6 million for the corresponding period in 2020.
  • Research and development expenses were $15.7 million in Q3 2021 compared to $40.1 million in Q3 2020.
  • Selling, general and administrative expenses were $7.3 million compared to $12.0 million in Q3 2020.
  • It suffered a net loss of $23.1 million, or $0.16 per share in the third quarter of 2021, as compared to net income of $82.6 million, or $0.71 per diluted share, in the corresponding period in 2020.
  • Lexicon ended the third quarter with $120.9 million in cash and investments, as compared to $152.3 million as of December 31, 2020.

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The recent NDA submitted by Lexicon for sotagliflozin was the reason behind its positive performance on Thursday. We can expect it to further surge on the last trading day of the year.

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