Pacira Pharmaceuticals (PCRX) PT Raised Sharply at BofA/Merrill Lynch Amid Survey

BofA/Merrill Lynch analyst Steve Byrne reiterated a Buy rating and boosted his price target on Pacira Pharmaceuticals (NASDAQ: PCRX) to $104.00 (from $86.00) on increased Exparel potential in nerve block following a survey.

Bryne commented, "We see upside from use in the nerve block indication (March 5, 2015 PDUFA date) as anesthesiologists in our
survey stated they would use Exparel in roughly half of their nerve block procedures if approved. We modestly adjusted our peak market share in nerve block to 25% (from 20%) and increased our 2021 peak sales to $2.3bn (from $2.1bn), which assumes some IP extension potential (spray based technology would extend IP to 2031) and expansion of PCRX' manufacturing capacity (readily replicable in our view). We see upside from other DepoFoam–derived products such as NSAIDs."

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 $85.14 yesterday.

You May Also Be Interested In

• BofA Securities Starts GE Vernova (GEV) at Neutral, 'Multiyear turnaround amid positive demand backdrop'
• GE Aerospace (GE) PT Raised to $180 at BofA Securities
• RTX Corp. (RTX) PT Raised to $110 at BofA Securities