Lexicon Pharmaceuticals Inc. shares LXRX, -0.84% slid 31% in premarket trade Monday, after the company said the U.S. Food and Drug Administration has denied its appeal of a decision relating to a diabetes treatment. The Woodlands, Texas-based company said the FDA denied its appeal of a Complete Response Letter relating to its new drug application for sotagliflozin in type 1 diabetes. The company said it would appeal the decision and will hold a conference call at 8.00 a.m. Eastern. The FDA issued the Complete Response Letter, a ruling that means it cannot accept a NDA in its present form, back in February. Lexicon shares have fallen 47% in 2019, while the S&P 500 SPX, -0.40% has gained 25%.