Mizuho Securities Cuts Price Target on Pacira Pharma (PCRX); Sights Conservatism

Mizuho Securities maintained a Buy rating on Pacira Pharmaceuticals (NASDAQ: PCRX), and cut the price target to $64.00 (from $79.00), following the company's 1Q earnings report. PCRX reported revenues of $65.5M and an adjusted EPS of $0.14 vs. the consensus estimates of $66.9M and $0.07. There was nothing unexpectedly negative in the quarter to justify a large downward PT reduction. Mizuho decided to be more conservative as the company is still in early innings of Exparel's "relaunch" after its new label and consensus numbers for the year are viewed as too high.

Analyst Irina Koffler commented, "PCRX sold off on what appears to be a relatively in-line 1Q:16. We think that concerns about a slower Exparel ramp underlie the reaction and we have lowered our estimates over the near and long term in line with a more gradual growth trajectory. We reiterate our Buy rating but lower PT from $79 to $64."

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 $50.51 yesterday.

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