Analyst Michael Faerm said, “We believe that FLXN is well positioned with its lead product FX006 to become a significant player in the large and growing market opportunity for intra-articular treatment of osteoarthritis (OA) pain. FX006 is a sustained-release injectable formulation of a common steroid currently administered in an immediate release (IR) formulation. In Phase 2b data, FX006 demonstrated significantly greater and more durable pain relief than IR steroid, in a head-to-head comparison. These data position FX006 to address an unmet medical need in OA pain treatment, for an efficacious, durable treatment with acceptable side effects. FX006 plans to begin a confirmatory Phase 2b study this year, with data expected in H1 2015 and estimated launch in 2017. We believe that the product can reach $1.1B in peak sales in 2024E. FLXN also has two pipeline products that are in earlier stages of development, which we treat as free options in our model. Our valuation range of $24-26 is DCF based.”
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Shares of Flexion Therapeutics closed at $19.26 yesterday, with a 52 week range of $-$.
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