Leerink Partners Cuts Price Target on Pacira Pharma (PCRX) After Speaking with Orthopedic Specialists

Leerink Partners reiterated a Market Perform rating on Pacira Pharmaceuticals (NASDAQ: PCRX), and cut the price target to $48.00 (from $69.00), based on moderating IMS unit trends and recent competitor data.

Analyst Jason Gerberry commented, "We lower our price target to $48/share (from $69) based on moderating IMS unit trends and recent competitor data. We recently caught up with two MEDACorp orthopedic specialists to discuss recent Exparel use trends & views on HRTX's (OP) Ph. 2 data in bunionectomy. Feedback was generally positive on the HRTX data. Our updated view on PCRX shares is largely unchanged, as we see near-term hospital access issues limiting upside to Street ests & longer-term we view pipeline competition as a risk factor to the Street's out-year numbers. With that said, we do see the glass as half full for PCRX, as HRTX's program still needs to address the dilution issue - its formulation cannot be diluted and a second formulation doesn't appear to offer enough volume to address the bulk of value generating procedures and HRTX needs to publish detailed side effect data otherwise investor concerns around injection site reactions (ISRs) will persist. We remain MP."

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 $42.75 yesterday.

You May Also Be Interested In

• Day One Biopharmaceuticals (DAWN) PT Raised to $38 at Jones Trading on OJEMDA approval, sees $900M peak sales
• Bilibili (BILI) PT Raised to $13.50 at Citi
• Shenzhen Inovance Tech (300124:CH) PT Raised to RMB86.10 at Macquarie