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Fly News Breaks for April 10, 2019
Apr 10, 2019 | 14:19 EDT
Noting that Flexion's CEO announced at an investor conference that the company has parted ways with its Senior VP of Commercial Operations Dan Deardorf and is looking to replace him with a Chief Commercial Officer, Raymond James analyst Elliot Wilbur commented that the news was "completely unanticipated" and there "will no doubt be a new round of jitters around the launch trajectory of Zilretta" following the announcement. Seeking to ease those concerns, the company reiterated its annual revenue guidance of $65M-$80M, said Wilbur, who added that "the management shuffle certainly isn't going to bolster confidence in the product's near-term velocity." The analyst, who said it "is still early in the Zilretta launch phase and not too late to course correct," keeps a Strong Buy rating on Flexion shares.