Here's Why Lexicon Pharmaceuticals Is Tumbling Today
Shares of Lexicon Pharmaceuticals (NASDAQ: LXRX) fell more than 28% today after the company announced that it was unable to adequately address the concerns of American regulators relating to its lead drug candidate, Zynquista, in type 1 diabetes.
Individuals taking the drug candidate during clinical trials were at risk of developing diabetic ketoacidosis, a potentially life-threatening condition, which prompted the U.S. Food and Drug Administration (FDA) to issue a complete response letter after receiving the new drug application (NDA). Lexicon Pharmaceuticals responded to the letter, but the FDA reaffirmed its previous position.
As of 11:28 a.m. EST, the pharma stock had settled to a 6.9% loss.
Source Fool.com
