Flexion Therapeutics Inc FLXN announced last week it has received regulatory approval for its Zilretta therapy represents a "monumental milestone" for the company, BMO Capital Markets analyst Gary Nachman commented in a research report. The analyst maintains an Outperform rating on Flexion's stock with a price target boosted from $35 to $37 even though the approval was heavily expected.
"Importantly, we see a solid outcome with the label, and particularly some upside with mention of positive diabetic data that can be used as a key marketing hook," the analyst added.
Finally, another welcome surprise comes from refrigeration as the label stated that its therapy can be stored at room temperature for up to six weeks if a fridge is not available, the analyst added. Refrigeration has been highlighted as a "potential sticking point" but is now "less of a concern."
At time of publication, shares of Flexion were down 6.16 percent at $28.09.
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