Piper Sandler Reiterates Overweight Rating on Pacira Pharmaceuticals (PCRX)

Piper Sandler analyst David Amsellem reiterated an Overweight rating and $42.00 price target on Pacira Pharmaceuticals (NASDAQ: PCRX).

The analyst commented, "The FDA approved eVenus' abbreviated NDA (aNDA) filing of its generic version of Exparel. The approval does come with some degree of shock value given the complexities associated with a liposomal bupivacaine formulation, the relatively high hurdles that the FDA put in place for potential generics to demonstrate substantial equivalence, and the difficulties that even PCRX has had in manufacturing the product. That said, here we are. All of this could be moot to the extent that PCRX wins in its patent litigation versus eVenus (we expect a lower court ruling in the onging case later in 3Q24, though there is additional intellectual property (IP) that is being litigated separately). Per our DCF scenario entailing a single generic entrant in the near-term, there is meaningful potential further downside from current levels. That said, we are, for now, remaining constructive, as the IP litigation plays out (i.e., multiple patents in question)."

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 $22.74 yesterday.

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