Lexicon price target lowered to $4 from $6 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Lexicon (LXRX) to $4 from $6 and keeps a Buy rating on the shares. The company announced that following a “deficiencies preclude discussion” letter from the FDA related to Zynquista, it is implementing a strategic restructuring, eliminating its commercial operations, and rationalizing resources to preserve its cash position and prioritize its current clinical development pipeline, the analyst tells investors in a research note. The firm says Lexicon is eliminating commercial operations to concentrate on clinical progress.