In a report published on Tuesday, Morgan Stanley analyst David Friedman downgraded Lexicon Pharmaceuticals LXRX from Equal-weight to Underweight and lowered the price target on the company from $2 to $1.50.
In the report, Morgan Stanley noted, "...we are updating our assumptions for LX4211. We have sig. lowered LX4211 sales/royalties based on our analysis inside. Despite adding LX1032 to our model and decr. long-term spending, the updates combine for a lower DCF value, yielding our UW rating."
Lexicon Pharmaceuticals closed on Monday at $2.37.
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Posted In: Analyst ColorDowngradesAnalyst RatingsBiotechnologyDavid FriedmanHealth CareMorgan Stanley
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