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Fly News Breaks for February 20, 2020
HRTX, PCRX
Feb 20, 2020 | 12:02 EDT
Piper Sandler analyst David Amsellem raised the firm's price target on Pacira Biosciences (PCRX) to $60 from $54 and reiterates an Overweight rating on the shares. Pacira is guiding to 2020 Exparel sales of $465M-$475M, implying a growth rate of 15% at the mid-point of the range, which is beatable, Amsellem tells investors in a research note. He believes this is a conservative range since nerve block is not highly penetrated in the anesthesiology setting and the continued migration of surgical procedures to non-hospital settings. Further, Heron Therapeutics (HRTX) announced that FDA action on HTX-011 was pushed out three months to June 26, the analyst points out. However, even if HTX-011 were approved, he envisions a "muted" commercial impact on Exparel given the pain treatment's "real competitive disadvantages." Amsellem reiterates an Overweight rating on Pacira shares. The stock in midday trading is down 3% to $49.20.
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