Canaccord Genuity Reaffirms Their Hold Rating on Pacira Pharmaceuticals

By Ryan Adsit

Canaccord Genuity analyst Dewey Steadman maintained a Hold rating on Pacira Pharmaceuticals (NASDAQ: PCRX) today and set a price target of $42. The company’s shares opened today at $45.45.

Steadman wrote:

“We’re looking for more than two months of data showing solid growth before we become positive on the potential for a meaningful inflection in Exparel use trends, especially with a noisy October that may have benefited from hurricane-related deferred procedures that negatively impacted September volumes. We remain HOLD rated on PCRX shares.”

According to TipRanks.com, Steadman is a 1-star analyst with an average return of -1.2% and a 40.3% success rate. Steadman covers the Healthcare sector, focusing on stocks such as ANI Pharmaceuticals Inc, Infotek Pharmaceuticals, and Cardiome Pharma Corp.

Currently, the analyst consensus on Pacira Pharmaceuticals is Moderate Buy and the average price target is $50, representing a 10.0% upside.

In a report issued on December 18, J.P. Morgan also initiated coverage with a Hold rating on the stock with a $47 price target.

Based on Pacira Pharmaceuticals’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $67.34 million and GAAP net loss of $7.6 million. In comparison, last year the company earned revenue of $68.36 million and had a GAAP net loss of $22.16 million.

Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PCRX in relation to earlier this year.

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Pacira Pharmaceuticals, Inc. is a specialty pharmaceutical company. It develops, commercializes, and manufactures pharmaceutical products for use in hospitals and ambulatory surgery centers. It develops pharmaceutical products based on its proprietary DepoFoam drug delivery technology.