Gabelli analyst Kevin Kedra upgraded Lexicon to Hold from Sell after the company announced that the FDA had issued a complete response letter for sotagliflozin to treat type 1 diabetes, consistent with his expectations. Kedra is raising his recommendation to Hold now that the negative catalyst of the CRL has past and the stock has pulled back by over 20%. Lexicon can now look towards a European launch of sotagliflozin and Phase 3 data readouts for the type 2 program in the second half of 2019, Kedra tells investors. He has 2020 private market value estimate of $6 per share for Lexicon.