Northland Securities analyst Carl Byrnes maintained a Buy rating on Flexion Therapeutics (FLXN) today and set a price target of $20. The company’s shares opened today at $14.02.
Byrnes said:
“We believe Zilretta’s superior safety and efficacy vs. IR-corticosteroids will make it the intra-articular injection of choice for treating OAK and other indications. We anticipate approval of the sNDA for repeat administration for OAK in mid-October. This, along w/ Zilretta receipt of J code (J3304) effective Co.’s pursuit of additional indications, i.e., hip and shoulder, we believe will support peak US sales >$750MM. Flexion reported 4Q Zilretta sales of $9.5MM, aligned w/ consensus. R&D and SG&A expense line items for the 4Q period totaled $14.9MM and $30.6MM, respectively, w/ EPS for the 4Q period at ($1.07) vs. the ($1.15) consensus.”
According to TipRanks.com, Byrnes is a 2-star analyst with an average return of 0.4% and a 30.0% success rate. Byrnes covers the Healthcare sector, focusing on stocks such as Heron Therapeutics, vTv Therapeutics, and PolarityTE Inc.
Flexion Therapeutics has an analyst consensus of Strong Buy, with a price target consensus of $23.
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Based on Flexion Therapeutics’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $43.64 million. In comparison, last year the company had a GAAP net loss of $50.53 million.
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Flexion Therapeutics, Inc. is a biopharmaceutical company, which engages in the development and commercialization of novel and local therapies. The firm specializes in the treatment of patients with musculoskeletal conditions including osteoarthritis. It offers products under the Zilretta brand.
