Wells Fargo analyst David Maris notes that Flexion issued an 8-K announcing that the Centers for Medicare Services issued a product-specific Q code for Zilretta, which CMS indicated will be effective July 1, 2018. The analyst sees the news as a positive path toward Flexion's receiving a product-specific J code for Zilretta in Q4 2018. Maris believes both the J code notification in the next month and the final issuance later this year could both be major catalysts for the stock. The analyst reiterates an Outperform rating and $39 price target on the shares.