** Lexicon Pharmaceuticals' LXRX.O shares rise 6.3% to 82 cents

** Co says it plans to cut about 60% of its workforce effective Dec. 31

** Co to shut down commercial operations and stop promotions for its approved heart failure treatment, Inpefa, but will continue production and supply for patients and existing prescribers

** Piper Sandler analysts say the Inpefa decision "removes capital constraints/overhang driving investor uncertainty"

** Says U.S. FDA noted deficiencies in LXRX's application seeking approval for the drug as an add-on treatment to insulin therapy for managing blood glucose levels in adults with type 1 diabetes and chronic kidney disease

** LXRX had 285 employees as of Mar 21, according to its latest annual report

** Including session's gains, stock has fallen 47.5% YTD

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))