UPDATE: Goldman Sachs Starts Pacira Pharmaceuticals (PCRX) at Neutral
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(Updated - December 1, 2016 10:10 AM EST)
Goldman Sachs initiated coverage on Pacira Pharmaceuticals (NASDAQ: PCRX) with a Neutral rating and a price target of $36. Analyst Stephan Stewart sees balanced risk/reward heading into study data.
"While growth for its only drug, Exparel, continues to decelerate post warning letter resolution, our physician/surgeon survey highlights continued penetration opportunity for the drug. That said, any eventual inflection will be dependent on PCRX’s success across a host of drivers, most notably its ongoing Phase 3 study for a nerve block indication. While we are optimistic that this study will yield positive data – based on previous data – consensus estimates already largely reflect the associated inflection, creating relatively balanced risk/reward at these levels in our view," said the analyst.
Shares of Pacira Pharmaceuticals closed at $31.85 yesterday.
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