LXRX - Why Lexicon Pharmaceuticals Stock Crashed This Week
2023-06-02 09:21:39 ET
Shares of small-cap biotech Lexicon Pharmaceuticals (NASDAQ: LXRX) fell by nearly 15% during the first four days of trading this week, according to data provided by S&P Global Market Intelligence . The big loss came after the company announced a $125 million stock offering on Thursday.
Lexicon's capital raise consists of both a public stock offering worth approximately $62.2 million, as well as a private placement valued at $62.8 million. The company intends to use the funds to support the commercial launch of its newly approved heart failure drug Inpefa.
Last week, the Food and Drug Administration approved Inpefa as a once-daily oral preventative treatment for adults with heart failure or type 2 diabetes/chronic kidney disease at risk of cardiovascular death, hospitalization for heart failure, and urgent heart failure.
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Why Lexicon Pharmaceuticals Stock Crashed This Week