Needham & Company LLC Reaffirms Buy Rating for Flexion Therapeutics, Inc. (FLXN)
Flexion Therapeutics, Inc. (NASDAQ:FLXN)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a report issued on Thursday. They presently have a $36.00 target price on the specialty pharmaceutical company’s stock, up from their prior target price of $34.00. Needham & Company LLC’s price target would suggest a potential upside of 65.37% from the stock’s previous close.
Several other research analysts have also recently issued reports on the stock. Cantor Fitzgerald set a $40.00 target price on shares of Flexion Therapeutics and gave the stock a “buy” rating in a report on Monday, May 22nd. Zacks Investment Research cut shares of Flexion Therapeutics from a “hold” rating to a “sell” rating in a report on Tuesday, May 9th. ValuEngine upgraded shares of Flexion Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, June 21st. Janney Montgomery Scott reiterated a “buy” rating and set a $35.00 target price (up from $30.00) on shares of Flexion Therapeutics in a report on Wednesday, July 12th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $44.00 target price on shares of Flexion Therapeutics in a report on Friday, July 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $31.30.
Shares of Flexion Therapeutics (NASDAQ:FLXN) traded up 1.19% during midday trading on Thursday, hitting $22.03. 156,482 shares of the stock were exchanged. Flexion Therapeutics has a 12 month low of $15.44 and a 12 month high of $29.41. The firm has a 50 day moving average of $22.41 and a 200-day moving average of $21.21. The stock’s market cap is $701.13 million.
Flexion Therapeutics (NASDAQ:FLXN) last issued its earnings results on Tuesday, August 8th. The specialty pharmaceutical company reported ($0.91) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.80) by $0.11. Equities research analysts anticipate that Flexion Therapeutics will post ($3.67) EPS for the current year.
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In other news, Director Mark Stejbach purchased 1,580 shares of the stock in a transaction dated Friday, June 16th. The shares were acquired at an average cost of $17.02 per share, for a total transaction of $26,891.60. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Michael D. Clayman purchased 5,000 shares of the stock in a transaction dated Monday, June 5th. The stock was purchased at an average price of $17.23 per share, for a total transaction of $86,150.00. Following the completion of the acquisition, the insider now directly owns 20,146 shares in the company, valued at approximately $347,115.58. The disclosure for this purchase can be found here. 15.98% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Fiduciary Trust Co. purchased a new stake in Flexion Therapeutics during the second quarter worth $101,000. IFP Advisors Inc boosted its stake in Flexion Therapeutics by 24.5% in the second quarter. IFP Advisors Inc now owns 5,080 shares of the specialty pharmaceutical company’s stock worth $103,000 after buying an additional 1,000 shares in the last quarter. Monarch Partners Asset Management LLC purchased a new stake in Flexion Therapeutics during the first quarter worth $279,000. BB&T Securities LLC purchased a new stake in Flexion Therapeutics during the second quarter worth $289,000. Finally, Asset Management One Co. Ltd. purchased a new stake in Flexion Therapeutics during the first quarter worth $319,000. Institutional investors and hedge funds own 75.43% of the company’s stock.
About Flexion Therapeutics
Flexion Therapeutics, Inc is a United States-based specialty pharmaceutical company. The Company is focused on the development and commercialization of local therapies for the treatment of patients with musculoskeletal conditions, beginning with osteoarthritis (OA), a type of degenerative arthritis. The Company’s lead product candidate, Zilretta, is a late-stage, injectable, extended-release, intra-articular (IA) investigational steroid.
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