Piper Jaffray Starts Flex Pharma (FLKS) at Overweight; Sees ~70% Upside

Piper Jaffray initiates coverage on recent IPO Flex Pharma (NASDAQ: FLKS) with a Overweight rating and a price target of $25.00.

Analyst Joshua Schimmer commented, "We are initiating coverage of Flex Pharma with an OW rating and $25 PT, representing ~70% upside from current levels. We believe the company is on the verge of unlocking the clinical utility of a very underappreciated connection between the stomach and the central/peripheral nervous system. By using a mix of basic well-known substances found in most kitchens, FLKS' products stimulate TRPV1 ion channels in the stomach, which sends an inhibitory signal via the vagus nerve to the spinal cord and brain. This approach should have clinical utility in a variety of settings, including muscle cramps, muscle spasms, dystonia and possibly CNS disorders such as seizures. As well, FLKS is pursuing a consumer approach targeting performance athletes looking to avoid cramps. We see two ways to win with FLKS and meaningful upside potential from either side of the company."

For an analyst ratings summary and ratings history on Flex Pharma click here. For more ratings news on Flex Pharma click here.

Shares of Flex Pharma closed at $14.71 yesterday.

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