Active Stocks: Lexicon Pharmaceuticals Inc. [NASQAQ: LXRX] shares dropped in Monday’s trading session after the corporation received written notice from Sanofi to end the alliance. Sanofi has ended this four year partnership with LXRX, to create Zynquista, after the type 1 & 2 diabetic patients shows the different result in phase III trial, including unsatisfactory result among patients with chronic kidney ailment.
LXRX stock was down $4.00 during the trading on Monday, a 70.29% sell-off for the day, and closed at $1.69. I believe this stock is oversold at this point. LXRX had trading volume of roughly 23,159,360 shares compared to its average volume of around 746,104 shares. The 50 day moving average on LXRX right now is about $5.76. LXRX had a previous day low range of around $1.46 and a day high range of $2.50. LXRX has a 52 week low and high range of roughly $ 1.460 to $12.17 respectively. LXRX has a total market capitalization of about $179.6 million.
Lexicon has struck back at Sanofi, announcing that the letter of the agreement termination is invalid. Sanofi was in breach of agreement if they ended the partnership. Zynquista had shown an encouraging result in phase I and phase II but phase III trial result was unsatisfactory. Sanofi acquired licensed in 2015 to develop, create and market Zynquista worldwide. Lexicon has consented to supervise all medical exercise of type I diabetes with Sanofi consenting to manage all the medical exercises of Zynquista for the treatment of type II diabetes.
Lexicon Genetics Incorporated is a pioneer in characterizing the function of genes for drug discovery utilizing huge scale knockout mouse technology. Lexicon has created high-throughput gene trapping innovation to discover thousands of genes & grow OmniBank library of tens of thousands of mouse clones. The Corporation uses an integrated platform of functional genomic innovation to accelerate the large-scale analysis of mammalian gene function for medication revelation.