Janney Capital analyst Ken Trbovich thinks it is "far more likely" that the FDA will allow Flexion to file its NDA for Zilretta based on existing data than requiring the company to repeat the Phase 3 study, but said the stock is "trading in a manner that suggests otherwise." Flexion shares could see a significant rally if the FDA does not require a repeat of the Phase 3 prior to NDA filing, but could trade down to, or even below, cash value of $4-$5 per share if not, Trbovich tells investors. The analyst, who notes that Flexion expects to be able to communicate the outcome of its FDA meeting in June or July, keeps a Buy rating and $30 fair value estimate on the stock.