Why Lexicon Pharmaceuticals Stock Is Down Today

After more than doubling in value on Thursday, shares of Lexicon Pharmaceuticals (NASDAQ: LXRX) are giving up some of those gains on Friday. The company's stock was down by 13.7% as of 12:39 p.m. EST today, after dropping by as much as 18.6% earlier in the day.

The company did not report any news today, but we can probably attribute these losses to two factors. First, it is plausible that some investors are choosing to take some profits after Lexicon's rally yesterday. Second, the stock was downgraded by a Wall Street analyst.

It isn't every day that shares of a company rise by 105% in a mere 24-hour period, even in the highly volatile biotech industry. But on Thursday, Lexicon reported that it had received positive feedback from the Food and Drug Administration regarding one of its pipeline candidates.

Source Fool.com