Pacira Pharmaceuticals (PCRX) PT Raised to $26 at RBC Capital

RBC Capital analyst Gregory Renza raised the price target on Pacira Pharmaceuticals (NASDAQ: PCRX) to $26.00 (from $22.00) while maintaining a Sector Perform rating.

The analyst commented: "Today after close (4/7), PCRX announced the settlement of litigation for generic Exparel, which provides some closure to a year+ worth of overhang and uncertainty for PCRX shares. To us, the settlement is a win for PCRX and the Exparel franchise, bringing needed clarity, and 5-yrs of protection to potentially realize the benefits of internal drivers such as GPO contracting and NOPAIN across the surgical segments; importantly, the settlement allows the company to focus squarely on hitting their 5x30 objectives, which we believe could ultimately yield long-term pipeline growth drivers for revenues 2030+. We touched base with mgmt who remain optimistic on Exparel's moat, even with the settlement in place. As we consider the terms of the settlement, and implicated to our valuation, we adjust our PT to $26 (from $22), and, in a sector under pressure from macro-uncertainty, maintain our Sector Perform rating on shares."

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