UPDATE: Wedbush Raises PT to $32 on Pacira Pharmaceuticals on Long-Term Outlook

Wedbush maintained Pacira Pharmaceuticals

with an Outperform rating and raised the price target from $23.00 to $32.00. Wedbush said, "As already preannounced, PCRX reported Q4 EXPAREL sales of $7.8MM, ahead of our original $7.0MM estimate. Q4 total revenues were $10.5MM and GAAP EPS loss was ($0.50) versus our ($0.32) and Street's ($0.42) estimates. The company ended Q4 with about $42.6MM in cash and including proceeds from the January convertible debt offering, we estimate current cash of about $123MM. We project runway well into potential profitability, which we model to occur in 2014." Pacira Pharmaceuticals closed at $25.30 on Wednesday.