Here’s Why Lexicon Pharmaceuticals Rose 18% Today
Shares of Lexicon Pharmaceuticals (NASDAQ: LXRX) were up 18% at 3:39 p.m. EDT on Monday in anticipation of the biotech presenting data on its diabetes drug Zynquista at the European Association for the Study of Diabetes (EASD) annual meeting tomorrow.
Zynquista is an SGLT inhibitor designed to increase the removal of sugar from diabetic patients through their urine via the kidneys. It's a multibillion-dollar drug class in type 2 diabetes, but the class has had trouble breaking into type 1 diabetes.
The Food and Drug Administration turned down an application to approve the drug as a treatment for type 1 diabetes in March. But European regulators approved the drug -- and a competing one from AstraZeneca -- in overweight type 1 diabetics. Not surprisingly, reducing sugar in the bloodstream not only helps improve diabetes symptoms but can also help patients lose weigh.
Source Fool.com
