Needham & Company Cuts Price Target on Flexion Therapeutics (FLXN) Following Top-Line FX006 Data
Needham & Company reiterated a Buy rating on Flexion Therapeutics (NASDAQ: FLXN), and cut the price target to $28.00 (from $31.00), following top-line data from the first of two pivotal trials evaluating FX006 in osteoarthritis (OA) knee pain.
Analyst Serge Belanger commented, FLXN reported top-line data from the first of two pivotal trials evaluating FX006 in osteoarthritis (OA) knee pain. The ph 2b study missed its primary endpoint; FX006 (40 mg) did not demonstrate superior pain relief to placebo at week 12 (p=0.0821). At all other weekly time points, from week 1 thru 11 and at week 13, FX006 was superior to placebo (p<0.05). FX006 met its secondary endpoint of average pain relief over weeks 1 thru 12 (p=0.0012) and over weeks 1 thru 24 (p=0.0209). While the study missed its primary endpoint, the totality of the data shows that FX006 was safe and led to meaningful and durable pain relief. We don't believe these results impact the viability of FX006 as a knee OA treatment but it adds uncertainty in the regulatory pathway to approval. We maintain our Buy rating and lower our PT to $28 (from $31).
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Shares of Flexion Therapeutics closed at $29.00 yesterday.