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Flexion Therapeutics Just Hit A Major Milestone

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Flexion Therapeutics Just Hit A Major Milestone

Flexion Therapeutics Inc (NASDAQ: 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.

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Among the multiple highlights for Flexion was diabetic data from a small study that wasn't expected, Nachman commented. The data showed a modest glucose level change for just the Zilretta arm and didn't include the IR triamcinolone arm that showed a significantly larger change. This surprise "opens the door to talk about the full diabetic data when Flexion promotes Zilretta (15-20% of OA knee patients have diabetes)."

"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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Latest Ratings for FLXN

DateFirmActionFromTo
Jun 2020HC Wainwright & Co.Initiates Coverage OnBuy
May 2020GuggenheimInitiates Coverage OnBuy
May 2020NeedhamMaintainsBuy

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