Canaccord Genuity Maintains Their Buy Rating on Pacira Pharmaceuticals

By Jason Carr

In a report released yesterday, Dewey Steadman from Canaccord Genuity maintained a Buy rating on Pacira Pharmaceuticals (NASDAQ: PCRX), with a price target of $56. The company’s shares opened today at $39.50.

According to TipRanks.com, Steadman is a 1-star analyst with an average return of -3.4% and a 41.5% success rate. Steadman covers the Healthcare sector, focusing on stocks such as ANI Pharmaceuticals Inc, Infotek Pharmaceuticals, and Endo International.

Currently, the analyst consensus on Pacira Pharmaceuticals is Moderate Buy and the average price target is $57, representing a 44.3% upside.

In a report issued on July 19, Wedbush also reiterated a Buy rating on the stock.

Based on Pacira Pharmaceuticals’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $69.28 million and GAAP net loss of $19.87 million. In comparison, last year the company earned revenue of $69.64 million and had a GAAP net loss of $7.96 million.

Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is negative on the stock. Earlier this month, David Stack, the CEO & Chairman of PCRX bought 15,000 shares for a total of $24,150.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.