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What: Lexicon Pharmaceuticals
So what: The drug, LX2931, showed a positive response in high doses, but low doses showed a response rate lower than a placebo. The company said it was happy with the safety profile and is planning to start discussions with potential partners.
Now what: Lexicon is counting on LX2931 to perform better than we have seen, and despite the company moving forward, I am concerned with today's results. After knocking shares down early, the stock has come back steadily throughout the day, indicating that investors are still willing to bet on the company. Still, I don't see today as a buying opportunity and will stay away until I see some positive results from Lexicon.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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