Why Lexicon Pharmaceuticals Stock Doubled and Then Some on Thursday

Now this is a stock pop. On Thursday, shares of Lexicon Pharmaceutials (NASDAQ: LXRX) jumped 105% (no, that's not a typo) after the company issued a major positive regulatory update.

The happy news is that Lexicon's clinical-stage protein inhibitor sotagliflozin performed well enough in phase 3 clinical trials to support a New Drug Application (NDA) from the Food and Drug Administration. This paves the way for sotagliflozin to win approval for treating patients at risk of heart failure.

The company said that this "clears a key hurdle for partnership discussions around sotagliflozin ... and enables a potential NDA filing in 2021." It did not name any potential partners.

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Source Fool.com