Pacira Pharmaceuticals (PCRX) Has Upside as EXPAREL Roll-Out Kicks into Gear - Wedbush

August 9, 2012 2:14 PM EDT
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Price: $39.15 -2.37%

Rating Summary:
    11 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 17 | New: 13
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Today Wedbush reiterated an Outperform rating and $18 price target on Pacira Pharmaceuticals (NASDAQ: PCRX).

Analyst Richard Lau said “We believe $2.3MM in sales for the first quarter of launch along with positive launch metrics suggest a very promising roll-out of EXPAREL and expect the momentum to continue.”

As of August 3rd, Pacira stated that 428 customers have ordered EXPAREL which is up from 164 customers as of May 8th and that they are adding roughly 26 new customers per week, noted today’s report.

“49% of all accounts and 55% of hospital accounts have reordered with some accounts having ordered up to 15 times,” said Lau. “In our view, the reorder patterns suggest that initial physician experience has been positive and utilization will continue to grow as more hospitals gain access to EXPAREL”

For an analyst ratings summary and ratings history on Pacira Pharmaceuticals click here. For more ratings news on Pacira Pharmaceuticals click here.

Shares of Pacira Pharmaceuticals closed at $14.94 yesterday.

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