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NEW YORK - Lexeo Therapeutics , Inc. (NASDAQ:LXEO) shares surged 40.2% after the genetic medicine company reported encouraging interim data from clinical trials of its lead drug candidates, despite missing fourth quarter earnings estimates.
The company reported a Q4 loss of $0.78 per share, $0.06 worse than analyst estimates of a $0.72 loss. However, investors focused on positive updates from Lexeo’s clinical programs.
Lexeo announced that the first two post-treatment biopsies from cohort 1 of its LX2020 HEROIC-PKP2 Phase 1/2 trial showed 71% and 115% increases in PKP2 protein expression. Additionally, the first participant evaluated 6 months after dosing experienced a 67% reduction in premature ventricular contractions.
"We are encouraged by the favorable safety profile and early data observed in participants dosed with LX2020 to date," said R. Nolan Townsend, CEO of Lexeo Therapeutics.
The company also reported further regulatory clarity on its LX2006 program for Friedreich ataxia cardiomyopathy, including alignment with the FDA on using frataxin expression increases from baseline as an endpoint.
Lexeo completed enrollment of cohort 2 in the LX2020 trial and expects to provide an interim clinical data update in the second half of 2025.
The company ended 2024 with $128.5 million in cash and investments, which it believes will fund operations into 2027. R&D expenses for Q4 2024 were $18.4 million, up from $8.2 million in Q4 2023.
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