UPDATE: Piper Jaffray Raises Pacira Pharmaceuticals' PT

According to a research report published this morning, Piper Jaffray has increased Pacira Pharmaceuticals'

PT from $11 to $15. Piper Jaffray commented in the report, “Yesterday, Pacira reported a 4Q11 net loss per share of ($0.72), wider than our estimate, largely due to higher than expected cost of sales (the Exparel production line was put into service during 4Q11). PCRX ended 2011 with a cash balance of $76M, sufficient to fund operations through at least 1Q13. Importantly, the Exparel launch is on track for April 2012, and we continue to believe that the product will be wellrecieved given the absence of a long-acting loco-regional anesthetic. PCRX remains attractive in our view, with peak Exparel sales well in excess of $200M realistic, plus an exceedingly high barrier to generics, all in the context of a market cap of under $300M.” Piper Jaffray maintains its Overweight rating on Pacira Pharmaceuticals, which closed yesterday at $11.59.