Lexicon downgraded to Market Perform from Outperform at Leerink

Leerink analyst Roanna Ruiz downgraded Lexicon (LXRX) to Market Perform from Outperform with a price target of $1, down from $2. The “modest” efficacy, unclear dose response, and safety signals in Lexicon’s Phase 2b PROGRESS trial raises concerns about pilavapadin’s profile going into Phase 3, the analyst tells investors in a research note. Meanwhile, the firm says Inpefa’s launch in heart failure is slowing, likely creating a cash runway concern for the company. Leer sees an “uphill climb” for LX9211.