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J.C. Penney Company, Inc. (NYSE:JCP) increased 1.86% to $8.97 on a traded volume of 4.81 million shares. Hedge fund Perry Corp. said it has reduced its stake in J.C. Penney to a 3.28% stake, or 10 million shares, assuming the dilution effect of Penney’s 84 million share sale offering last week. Perry had only just raised its stake by 3 million shares to 19 million shares, or 8.62% in late August after Bill Ackman of Pershing Square Capital Management sold his 18% stake in Penney, admitting his failure in reinventing the retailer.
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Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) among the gainers and the stock moved up 27.73% to $3.04 on a traded volume of 4.45 million shares. Lexicon Pharmaceuticals, Inc. announced that LX4211, a first-in-class, dual inhibitor of sodium glucose transporters 1 and 2, successfully met the primary endpoint of reducing post-prandial glucose, in a study of patients with type 2 diabetes and moderate to severe renal impairment. Reducing elevated post-prandial glucose, high blood sugar levels after meals, is a key objective of diabetes therapy.
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