Lexicon Pharmaceuticals Shares Rise on Beat to 4Q Loss, Plans for Sotagliflozin
By Sabela Ojea
Shares of Lexicon Pharmaceuticals on Monday rose 5.5% to $2.29 in pre-market trading after the company reported a narrower-than-expected loss for the fourth quarter and provided an update on sotagliflozin.
The biopharmaceutical company posted a net loss of $48.2 million, or 20 cents, compared with a loss of $30.5 million, or 16 cents a share, for the same period a year earlier. Analysts polled by FactSet had forecast quarterly losses per share of 22 cents.
The company also said it has entered into a securities purchase agreement for a private placement to get gross proceeds of around $250 million.
Regarding sotagliflozin, the company said preparations are underway for its phase 3 study in hypertrophic cardiomyopathy, as well as for the resubmission of a new drug application for sotagliflozin in type 1 Diabetes.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
March 11, 2024 08:57 ET (12:57 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Markets Brief: Is 16% a Good Return?
-
Should Emerging-Markets Stocks Stand Alone in Your Portfolio?
-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
3 Dividend Stocks for October 2024
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued