Wells Fargo analyst David Maris says today Ampio Pharmaceuticals (AMPE), a competitor in the intra-articular osteoarthritis space, announced that its drug candidate Ampion missed the primary endpoint in Phase 3 of its clinical trial, which he sees as a positive development for Flexion (FLXN). Maris points out that Flexion has received feedback from the FDA that its pivotal data is sufficient to file for approval of its Zilretta, adding that the failure of Ampio's Phase 3 indicates any competitor to Flexion's drug will likely not beat it to the market. The analyst reiterates an Outperform rating and $29-$31 price target range on Flexion's shares.