UPDATE: Bank Of America Reiterates On Pacira Pharmaceuticals On Positive Survey Results

In a report published Thursday, Bank of America analyst Steve Byrne reiterated a Buy rating on

, and raised the price target from $86.00 to $104.00. In the report, Bank of America noted, “We are raising our PO to $104 (from $86) based on positive results from our Exparel survey, including a meaningful change in the outlook from anesthesiologists and expectations for significant revenue growth. We see upside from use in the nerve block indication (March 5, 2015 PDUFA date) as anesthesiologists in our survey stated they would use Exparel in roughly half of their nerve block procedures if approved. "We modestly adjusted our peak market share in nerve block to 25% (from 20%) and increased our 2021 peak sales to $2.3bn (from $2.1bn), which assumes some IP extension potential (spray based technology would extend IP to 2031) and expansion of PCRX' manufacturing capacity (readily replicable in our view). We see upside from other DepoFoam–derived products such as NSAIDs.” Pacira Pharmaceuticals closed on Wednesday at $85.14.