Flexion Therapeutics (FLXN) PT Lifted to $31 at Needham & Company on Matter Patent
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Rating Summary:
11 Buy, 7 Hold, 0 Sell
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Today's Overall Ratings:
Up: 13 | Down: 10 | New: 10
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Needham & Company analyst Elliot Wilbur reiterated a Buy rating and raised his price target on Flexion Therapeutics (NASDAQ: FLXN) to $31.00 (from $26.00) after the company announced issuance of a U.S. composition of matter patent covering lead assete FX-006, an intra-articular sustained corticosteroid targeting osteoarthritis news.
Wilbur comments, "While expected, issuance completes a key check box as the company accelerates phase III kick-off to year-end 2014, 12 months earlier than previously anticipated following feedback from FDA announced last week. We have now adjusted our model assumptions for earlier launch trajectory and are increasing our peak sales assumption to $680.0MM from $640.0MM. We have also adjusted our 12-month price to $31 from $26 to reflect higher estimates and roll-forward to year-end 2015."
For an analyst ratings summary and ratings history on Flexion Therapeutics click here. For more ratings news on Flexion Therapeutics click here.
Shares of Flexion Therapeutics closed at $17.27 yesterday.
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