Canaccord Genuity Reiterates a Buy Rating on Pacira Pharmaceuticals

By Jason Carr

Canaccord Genuity analyst Dewey Steadman reiterated a Buy rating on Pacira Pharmaceuticals (NASDAQ: PCRX) yesterday and set a price target of $60. The company’s shares opened today at $45.15.

Steadman observed:

“We continue to see Pacira’s Exparel franchise as one of the most durable in specialty pharma and we believe that, over time, Exparel will continue to gain acceptance in the ortho community.”

According to TipRanks.com, Steadman is a 1-star analyst with an average return of -0.8% and a 30.0% success rate. Steadman covers the Healthcare sector, focusing on stocks such as Infotek Pharmaceuticals, Endo International, and Perrigo Company.

Currently, the analyst consensus on Pacira Pharmaceuticals is Moderate Buy and the average price target is $57.78, representing a 28.0% upside.

In a report issued on May 15, RBC Capital also reiterated a Buy rating on the stock with a $58 price target.

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 $65.47 million and had a GAAP net loss of $3.85 million.

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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. The company markets EXPAREL, a liposome injection of bupivacaine, an amide-type local anesthetic, indicated for administration into the surgical site to produce postsurgical analgesia; and DepoCyt(e), a liposomal formulation of the chemotherapeutic agent cytarabine indicated for the intrathecal treatment of lymphomatous meningitis, a cancer of the immune system. Its product pipeline comprise EXPAREL that has completed Phase II clinical trials for postsurgical analgesia-nerve block administration; DepoNSAID, which is in preclinical trials for the relief of that is in preclinical trials acute pain; and DepoTXA is currently in pre-clinical development, which is used to treat or prevent excessive blood loss during surgery by promoting hemostasis. Pacira Pharmaceuticals was founded in December 2006 and is headquartered in Parsippany, NJ.