BMO Capital analyst Gary Nachman lowered his price target for Pacira Pharmaceuticals to $32 from $41 after an FDA panel voted against approving the nerve block indication for Exparel in a six-to-four vote. The panel appeared to take a narrow nerve block label off the table, a view the FDA has likely long held and was confirmed, Nachman tells investors in a research note. The analyst sees a "very low likelihood" of the nerve block indication being approved on the April 6 action date. Nachman lowered his estimates "meaningfully" for Pacira and keeps a Market Perform rating on the shares. Pacira in after-hours trading dropped 14% to $31.00.