Why Lexicon Pharmaceuticals Stock Soared Today
Shares of Lexicon Pharmaceuticals (NASDAQ: LXRX) have soared today, closing out the session with gains of 12%, after the company reported first-quarter earnings results. The biotech beat expectations for both the top and bottom lines.
Revenue in the first quarter declined 13% to $8 million, which was slightly ahead of the consensus estimate of $7.8 million. That translated into a net loss of $66.6 million, or $0.63 per share. Analysts were modeling for $0.69 per share in red ink. The biotech company's Xermelo, which treats carcinoid syndrome diarrhea, is seeing growth and represents the vast majority of revenue.
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Source Fool.com
