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PCRX

Pacira

$34.35

-0.7 (-2.00%)

14:12
11/23/16
11/23
14:12
11/23/16
14:12

Pacira Pharma falls as sales data seen driving possible Q4 miss

Analytics firm Symphony Health Solutions published data Wednesday showing an apparent sales slump for Pacira Pharmaceuticals' (PCRX) pain medication Exparel, building on the company's earlier guidance cut for the product. The data leads research firm BMO Capital to warn that Pacira could have difficulty achieving even the low end of its 2016 sales forecast. BMO SAYS PACIRA COULD MISS PRODUCT GUIDANCE: BMO Capital's Gary Nachman notes that today's Symphony data shows October sales for Exparel fell to $20.2M, down 12% year over year or down 8% on a per selling day basis. The news follows Pacira's third quarter report on November 2, which saw the company cut its outlook for full-year Exparel sales to $263M-$268M from $270M-$280M to reflect a "revised expectation about when its commercial strategies and creation of opioid-sparing collaborations will accelerate sales growth." Nachman believes October is "not a great start to Q4" and indicates that "meaningful," 7%-8% growth is required during the remainder of the quarter for Pacira to hit its guidance. The analyst concedes that seasonality "should help" for the closing months of Q4, and that Symphony's data may be missing sales from oral surgeries. Nachman keeps a Market Perform rating and a $35 target on the stock, noting that he remains cautious on the near-term chance of Pacira accelerating Exparel sales, and believes successes from its drug pipeline - including several data sets in 1Q17 - are "becoming increasingly important." PRICE ACTION: Shares of Pacira are down 5.8% to $32.35 in afternoon trading.

  • 29

    Nov

PCRX Pacira
$34.35

-0.7 (-2.00%)

11/23/16
BMOC
11/23/16
NO CHANGE
Target $35
BMOC
Market Perform
Pacira sales of Exparel continue to struggle, says BMO Capital
According to Symphony data released today, October sales of Pacira Pharmaceuticals' Exparel were $20.2M, down 12% year-over-year and down 9% month-over-month, BMO Capital analyst Gary Nachman tells investors in a research note. The analyst views the number as "not a great start" to Q4 and thinks Pacira may be challenged to hit the low end of its $263M-$268M Exparel sales guidance. He keeps a Market Perform rating on the shares with a $35 price target. Pacira is down 8%, or $2.75, to $31.60 in late morning trading.
10/26/16
BMOC
10/26/16
UPGRADE
Target $35
BMOC
Market Perform
Pacira upgraded to Market Perform from Underperform at BMO Capital
BMO Capital analyst Gary Nachman upgraded Pacira Pharmaceuticals to Market Perform saying the risk/reward is more balanced now that expectations have been reduced. The analyst sees more limited downside risk and lowered his price target for the shares to $35 from $36.
10/26/16
BMOC
10/26/16
UPGRADE
BMOC
Market Perform
Pacira upgraded to Market Perform from Underperform at BMO Capital
10/07/16
BMUR
10/07/16
INITIATION
BMUR
Hold
Pacira coverage assumed with a Hold at Brean Capital
Brean Capital analyst Jason Wittes assumed coverage on Pacira with a Hold rating while the company builds out its clinical case and expands its Exparel label.

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