Needham analyst Serge Belanger lowered his price target on Flexion to $36 after its yesterday's guidance for FY19 Zilretta sales of $65M-$80M came in below the Street consensus of $97.8M. The analyst states that although the outlook may appear disappointing at first, investors may welcome the "expectation reset" that should yield a "more accurate guidepost" for Zilretta growth. The analyst also lowered his FY19 EPS view to ($3.89) from ($2.63) to reflect the slower launch ramp but kept his Buy rating on the shares based on the company's potential for its product to serve as the front-line treatment for Osteoarthritis knee pain.