BMO Capital analyst David Maris calls the 40% selloff last night in shares of Flexion Therapeutics (FLXN) after the company reported top-line data from its Phase IIb placebo-controlled trial of FX006 for osteoarthritis knee pain a "complete overreaction." While the study did not meet the primary endpoint, the totality of the data "looks great," Maris tells investors in a research note. 40mg FX006 demonstrated statistical significance in average pain relief over weeks one through 12, and over weeks one through 24, the analyst notes. Investors should be encouraged that the study shows that Flexion has a safe and efficacious drug that has a persistent effect, Maris writes. The analyst has an Outperform rating on the stock with a $38 price target. In after-hours trading shares of Flexion dropped $11.05 to $17.95.