UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Pacira Pharmaceuticals on Strong Momentum

In a report published Friday, Jefferies reiterated its Buy rating on Pacira Pharmaceuticals PCRX, and raised its price target from $24.00 to $32.00. Jefferies noted, “PCRX is heading into its 4th Q of Exparel launch with strong momentum. Exparel access and uptake continue to ramp (volume growth through end'12 looked parabolic) and PCRX will continue to invest behind commercial, label expansion, and pharmacoeconomics efforts. We raise our Exparel estimates on higher penetration and pricing power, and lift our target to $32. PCRX remains our top small-cap pick.” Pacira Pharmaceuticals closed on Thursday at $26.10.