UPDATE: Piper Jaffray Raises PT to $27 on Pacira Pharmaceuticals on Strong Exparel Data Points
Piper Jaffray reiterated its Overweight rating on Pacira Pharmaceuticals (NASDAQ: PCRX) and raised the price target from $22.00 to $27.00.
Piper Jaffray noted, “Data points for Pacira's Exparel continue to look favorable, reinforcing our confidence in a strong sales ramp for 2013 and beyond. Institutional sales (wholesale acquisition cost (WAC)-based sales, per Wolters Kluwer (WK), via Bloomberg) for Exparel for December 2012 were around $2.76M, compared to $1.67M in November. Though third party sources generally have done an uneven job of capturing demand, the directional trends dovetail with PCRX's bullish commentary regarding hospital acceptance. We remain confident in our Exparel sales estimates of $70M and $146M in 2013 and 2014, respectively.”
Pacira Pharmaceuticals closed at $19.88 on Friday.
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