Zacks Investment Research Downgrades Flexion Therapeutics, Inc. (FLXN) to Sell

Zacks Investment Research cut shares of Flexion Therapeutics, Inc. (NASDAQ:FLXN) from a hold rating to a sell rating in a report issued on Tuesday, October 17th.

According to Zacks, “Flexion Therapeutics, Inc. is a specialty pharmaceutical company. It is focused on the development and commercialization of injectable pain therapies. The Company is targeting anti-inflammatory and analgesic therapies for the treatment of patients with musculoskeletal conditions. It operates in the United States. The Company’s product candidate, FX006, is an injectable intra-articular, meaning in the joint, sustained-release treatment for patients with moderate to severe OA pain. It is developing two additional product candidates, FX007 for post-operative pain and FX005 to treat end-stage OA patients. Flexion Therapeutics, Inc. is headquartered in Burlington, Massachusetts. “

FLXN has been the topic of several other research reports. Royal Bank Of Canada reiterated an outperform rating and set a $44.00 price target on shares of Flexion Therapeutics in a research report on Thursday, August 10th. ValuEngine upgraded shares of Flexion Therapeutics from a sell rating to a hold rating in a report on Friday, September 1st. Needham & Company LLC restated a buy rating and issued a $36.00 price objective on shares of Flexion Therapeutics in a report on Sunday, September 17th. Wells Fargo & Company set a $39.00 price objective on shares of Flexion Therapeutics and gave the stock a buy rating in a report on Friday, October 6th. Finally, BMO Capital Markets restated a buy rating on shares of Flexion Therapeutics in a report on Friday, August 11th. One analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $88.50.

Shares of Flexion Therapeutics (FLXN) traded up $0.08 during midday trading on Tuesday, hitting $23.33. 475,414 shares of the company traded hands, compared to its average volume of 2,835,773. The company has a debt-to-equity ratio of 0.74, a quick ratio of 18.29 and a current ratio of 18.29.

Flexion Therapeutics (NASDAQ:FLXN) last announced its quarterly earnings results on Tuesday, August 8th. The specialty pharmaceutical company reported ($0.91) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.11). research analysts forecast that Flexion Therapeutics will post -3.71 EPS for the current fiscal year.

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In other news, insider Yamo Deniz bought 3,000 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were purchased at an average price of $24.15 per share, for a total transaction of $72,450.00. Following the completion of the purchase, the insider now owns 5,000 shares in the company, valued at approximately $120,750. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last quarter, insiders bought 5,375 shares of company stock worth $131,575. Insiders own 15.98% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of FLXN. Bank of New York Mellon Corp lifted its stake in shares of Flexion Therapeutics by 27.9% in the second quarter. Bank of New York Mellon Corp now owns 2,716,189 shares of the specialty pharmaceutical company’s stock worth $54,921,000 after buying an additional 591,981 shares in the last quarter. State Street Corp lifted its stake in shares of Flexion Therapeutics by 66.3% in the second quarter. State Street Corp now owns 1,379,202 shares of the specialty pharmaceutical company’s stock worth $27,888,000 after buying an additional 549,948 shares in the last quarter. Wasatch Advisors Inc. lifted its stake in shares of Flexion Therapeutics by 58.7% in the second quarter. Wasatch Advisors Inc. now owns 1,018,219 shares of the specialty pharmaceutical company’s stock worth $20,588,000 after buying an additional 376,745 shares in the last quarter. Nexthera Capital LP bought a new position in shares of Flexion Therapeutics in the second quarter worth approximately $4,661,000. Finally, Pictet Asset Management Ltd. lifted its stake in shares of Flexion Therapeutics by 73.7% in the second quarter. Pictet Asset Management Ltd. now owns 472,796 shares of the specialty pharmaceutical company’s stock worth $8,080,000 after buying an additional 200,657 shares in the last quarter. Hedge funds and other institutional investors own 72.04% of the company’s stock.

Flexion Therapeutics Company Profile

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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