Barclays analyst Douglas Tsao lowered his price target for Pacira Pharmaceuticals (PCRX) to $40 saying it's unlikely that Exparel will win FDA approval for nerve block on the April 6 FDA action date following yesterday's panel vote. The analyst reduced his sales estimate to remove nerve block contribution in 2018/2019, which he had "conservatively" modeled at $17M and $40M, though he does expect small off-label use. Tsao adds that he's disappointed Pacira was not better prepared to handle FDA's points of concern since many concerns stemmed directly from the 2015 complete response letter. The analyst keeps an Overweight rating on Pacira. Tsao views the upcoming Phase 3 data for competitor Heron Therapeutics (HRTX) as a likely near-term overhang on the shares.