Lexicon and Telix Pharmaceuticals see developments in drug ratings and FDA designations

Lexicon Pharmaceuticals saw its stock rise nearly 6% following a bullish initiation from Cantor Fitzgerald. Analyst Steve Seedhouse assigned an overweight rating with a price target of $8 per share, citing the potential for the drug sotagliflozin (Inpefa) to receive a new indication for hypertrophic cardiomyopathy (HCM).

Separately, Telix Pharmaceuticals announced that the US FDA has granted Fast Track designation to its BiPASS program. This program utilizes gallium-68 PSMA-PET imaging alongside MRI to assist in earlier and less invasive prostate cancer diagnosis. The goal of the BiPASS program is to reduce the number of unnecessary biopsies, which currently account for a significant portion of prostate cancer procedures worldwide.