UPDATE: JPMorgan Upgrades Pacira Pharmaceuticals (PCRX) to Overweight
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JPMorgan analyst Christopher Neyor upgraded Pacira Pharmaceuticals (NASDAQ: PCRX) from Neutral to Overweight with a price target of $75.00 (from $70.00).
The analyst comments "We are upgrading Pacira BioSciences to Overweight and establishing a $75 year-end 2022 price target. Overall, we see Pacira’s Exparel well positioned to re-accelerate growth with an ongoing recovery in elective procedures throughout the year. Further, Pacira shares have recently pulled back meaningfully, down ~27% off the 2021 high including ~8% decline in the last month, which we largely attribute to the competitor market entry of Heron’s Zynrelef (May FDA approval, July product launch). At the same time, we believe the Zynrelef competitive launch is highly manageable with the potential for some Exparel base business erosion more than offset by a broader growth re-acceleration in elective procedure volumes and several attractive growth opportunities. Along these lines, we see an attractive valuation case with PCRX shares trading at ~14.2x our 2022E EPS estimate and ~18% 2022- 2025 EPS growth CAGR within a positive fundamental backdrop."
Shares of Pacira Pharmaceuticals closed at $58.70 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Comments, Hot Upgrades, Upgrades
Related EntitiesJPMorgan, FDA
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