UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Pacira Pharmaceuticals

In a report published Friday, Jefferies & Company reiterated its Buy rating on Pacira Pharmaceuticals PCRX, and raised its price target from $22.00 to $24.00. Jefferies noted, “PCRX completed a strong round of financing ($110M ‘convert' at favorable terms) removing a financing overhang – we had modeled cash needs in '13 – and provides a clear runway to profitability in '14. Q4 pre-announced Exparel sales beat estimates and the Exparel commercial metrics bode very well and support our bullish sales estimates. We raise our PT to $24 based on Exparel trends and removal of financing risk.” Pacira Pharmaceuticals closed on Thursday at $19.43.