Lexicon is heading towards a big breakthrough as the company obtains key primary endpoints in phase 3 of both the SOLOIST and SCORED studies.
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Lexicon Pharmaceutical, Inc. (LXRX) is going bullish today with high volume. The stock rallied in the premarket as high as 80% following the announcement of Positive Phase 3 results of LXRX’s SOLOIST and SCORED studies.
Lexicon shares spiked up to $2.25 from the prior close of $1.29 as the session opened today. The stock was trading with a heavy volume of 96 million.
As we write this at 1:50 P.M. EDT, LXRX was surging by almost 45% trading around $1.86, the highest since mid-August 2020.
The investors were keen to hear from the company regarding its two major projects and they are quite enthused after hearing the Phase 3 results.
Lexicon is also ready to present at the Stifel 2020 Virtual Healthcare Conference on Wednesday, Nov. 18, 2020. The top executives of the company will be addressing the audience in a webcast at 2:40 P.M. EDT.
Lexicon is edging to complete its two main studies that are based on sotagliflozin heart failure. Both the SOLOIST and SCORED Phase 3 studies obtained primary endpoints, showing a reduction in total cardiovascular deaths, heart failure of hospitalized patients, and urgent heart attacks.
The Phase 3 study showed statically significant outcomes resulting in treatment of sotagliflozin as compared with placebo.
Lexicon obtained a hazard ratio (HR) of 0.67(p<0.001) in people with type 2 diabetes, and most recent heart failure hospitalized patients, based on the SOLOIST study. About 10.6 events of cardiovascular death per 100 patient-years were treated with sotagliflozin in comparison with 12.5 events per 100 patient-years in the placebo group.
The SCORED study showed an HR of 0.74 (p<0.001) in type 2 diabetes and chronic kidney disease. About 2.2 events of cardiovascular death per 100 patient-years were treated in comparison with 2.4 events per 100 patient-years in the placebo group.
The above results show that Lexicon achieved primary endpoints in both the SOLOIST and SCORED studies. The Phase 3 results provide enough evidence that SGLT2 inhibition should be the standard therapy for heart failure patients. The positive statistical data means that it gives a potential edge to the dual SGLT1 and SGLT2 mechanism in fighting against sotagliflozin heart failure.
The clinical trials are into their end phase and with such positive results, the company will soon reach out to the regulatory authorities for its approval.
Cardiovascular disease is one of the biggest causes of death in people suffering from type 2 diabetes. The company can provide a great service to cardiovascular patients.
The investors seem too amused from these positive results, but there is a major reason for it. The potential market for Lexicon is massive and it is expected to reach $11.8 billion by 2025.
The fact that Lexicon Pharmaceutical, Inc. (LXRX) stock’s market cap hovers around 220 million, it’s a great opportunity for the company to increase its market value.