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 (NASDAQ: 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.
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