UPDATE: Stifel Nicolaus Raises PT to $4 on Lexicon Pharmaceuticals on LX4211 P2b Efficacy Data

Stifel Nicolaus reiterates its Buy rating on Lexicon Pharmaceuticals LXRX with a price target that is raised from $3 to $4. Stifel Nicolaus notes, "Management intends to move the once-daily (QD) 400mg dose forward into P3 development – a decision we fully support given the meaningfully greater HbA1c reduction and totality of secondary efficacy data suggesting increasing efficacy at this dose level is not related to urinary glucose excretion (UGE) alone. Statistically significant reductions in both body weight and systolic blood pressure – two poorly controlled co-morbidities in this patient population – were also observed at daily dose exposures >200mg." LXRX closed at $1.95 on Monday.