Pacira Pharma (PCRX): Cutting Estimates - Jefferies
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Jefferies analyst, David Steinberg, reiterated Buy rating on shares of Pacira Pharmaceuticals (NASDAQ: PCRX) but cut his price target to $60.00 from $74.00. He attended the AAOMS meeting late last week and came away encouraged about the outlook for the use of Exparel in the oral surgery market but based on the monthly Symphony health data, Exparel's near term growth is slower than expected.
Exparel was recently launched into the oral surgery market (35M annual procedures) representing a large opportunity. Presenting KOLs highlighted the key attributes of reducing severe post-op pain, pre-op anxiety, and postop narcotics, particularly in teenagers.
Q3 & Q4 Exparel revs drop by $3M each to $63M and $72M. For FY17 Exparel revs drop by 9% to $328M, still a significant reacceleration in growth of 24% Y/Y.
Shares of Pacira Pharmaceuticals closed at $36.86 yesterday.
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