Wedbush Reiterates Outperform On Pacira Following Stronger-Than-Expected July Estimates For EXPAREL


In a report issued yesterday, analyst Liana Moussatos of Wedbush reiterated an Outperform rating on Pacira Pharmaceuticals (NASDAQ:PCRX) with a $110 price target, following strong July Symphony Health data that puts the company’s EXPAREL ahead for third-quarter.

Moussatos noted, “SH data suggests to us that about 59,000-60,000 vials were sold in July, resulting in about $17.9-18MM in sales (+26.7% M/M) ahead of both estimated July consensus ($15.7MM for 22 selling days in July from $45.6MM Q3 consensus [Bloomberg]) and our July ($16.5MM of $48.1MM for Q3) EXPAREL estimates. Consequently, with a strong start to a normally slow Q3, we are optimistic that Q3 EXPAREL sales are at least on track. We remain cautious on using the SH data as an accurate representation for true sales as it has historically captured a wide range (~60-95%) of EXPAREL sales with unpredictable monthly fluctuations–due to the manner in which SH data is collected and audited–particularly on a month-to-month basis. We note that there were 22 selling days in July.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Liana Moussatos has a total average return of 55.8% and a 67.4% success rate. Moussatos is ranked #13 out of 3255 analysts.

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