Paciraa (PCRX) October Exparel Data Suggests Q4 at Risk - BMO Capital
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BMO Capital analyst Gary Nachman weighed in on Pacira Pharmaceuticals (NASDAQ: PCRX) after Symphony data were released today and October Exparel sales were $20.2mn, down 12% Y/Y and down 9% M/M. On a sales per selling day basis, Exparel declined 8% Y/Y and 5% M/M. PCRX recently reduced Exparel sales guidance to $263-268mn from $270-280mn along with 3Q results (we're at $263mn).
The October Exparel sales indicate meaningful growth is required for the remainder of 4Q to achieve the guidance. "We believe October is not a great start to 4Q and see a potential challenge in PCRX achieving even the low end of its guidance range," the analyst said.
The firm maintained a Market Perform rating and price target of $35.00
Shares of Pacira Pharmaceuticals closed at $34.35 yesterday.
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