As previously reported, Gabelli analyst Kevin Kedra downgraded Lexicon to Sell from Hold, citing his expectation that the FDA will reject sotagliflozin in type 1 diabetes by its March 22 PDUFA date following a split AdCom vote in January. He believes the FDA is likely to require additional information regarding a risk mitigation strategy to reduce incidences of diabetic ketoacidosis in type 1 patients on sotagliflozin, which is "a manageable hurdle," but one that will likely take additional time to navigate, Kedra tells investors. He has reduced his 2020 private market value estimate for Lexicon shares to $6.00 from $6.50.