Pacira Pharmaceuticals Inc (NASDAQ:PCRX) announced preliminary unaudited total revenues and EXPAREL (bupivacaine liposome injectable suspension) net product sales for the fourth quarter and full-year 2016.
“2016 was a year of solid execution that has set the stage for continued growth of EXPAREL,” said Dave Stack, chief executive officer and chairman of Pacira. “We made important progress advancing our three-part growth strategy that focuses on expanding awareness around opioid-sparing solutions, generating robust clinical data, and forming strategic partnerships.”
Preliminary Unaudited 2016 Revenues:
- Total revenues for the fourth quarter of 2016 were $72.9 million, compared to $69.3 million for the fourth quarter of 2015.
- EXPAREL net product sales for the fourth quarter of 2016 were $71.4 million, compared to $67.2 million for the fourth quarter of 2015.
- Total revenues for 2016 were $276.4 million, compared to $249.0 million for 2015.
- EXPAREL net product sales for 2016 were $265.8 million, compared to $239.9 million for 2015.
Mr. Stack continued: “As we look to 2017, we are on track to deliver multiple key milestones including results from our Phase 4 randomized controlled trials in knee and spine, as well as our Phase 3 nerve block studies that are designed to expand the EXPAREL label. We are also planning to initiate a number of Phase 4 randomized controlled trials in soft tissue procedures. With respect to partnerships, we are seeing strong interest from potential partners who share our commitment to broadening the use of EXPAREL as an alternative to opioids in the acute postsurgical setting.”
Pacira will provide final financial results and additional information on the fourth quarter and full-year 2016 performance in the earnings press release and conference call that will take place in the first quarter of 2017. (Original Source)
Shares of Pacira closed yesterday at $34.15, down $2.60 or -7.07%. PCRX has a 1-year high of $70.86 and a 1-year low of $29.95. The stock’s 50-day moving average is $32.59 and its 200-day moving average is $36.38.
On the ratings front, Pacira has been the subject of a number of recent research reports. In a report issued on January 3, H.C. Wainwright analyst Corey Davis initiated coverage with a Buy rating on PCRX and a price target of $43, which implies an upside of 26% from current levels. Separately, on December 30, Janney Montgomery Scott’s Ken Trbovich maintained a Hold rating on the stock and has a price target of $34.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Corey Davis and Ken Trbovich have a yearly average loss of -2.4% and a return of 11.2% respectively. Davis has a success rate of 39% and is ranked #3770 out of 4348 analysts, while Trbovich has a success rate of 48% and is ranked #931.
Sentiment on the street is mostly neutral on PCRX stock. Out of 11 analysts who cover the stock, 6 suggest a Hold rating and 5 recommend to Buy the stock. The 12-month average price target assigned to the stock is $52.00, which implies an upside of 52% from current levels.
Pacira Pharmaceuticals, Inc. is a specialty pharmaceutical company. It develops, commercializes, and manufactures pharmaceutical products for use in hospitals and ambulatory surgery centers. It develops pharmaceutical products based on its proprietary DepoFoam drug delivery technology. The company markets EXPAREL, a liposome injection of bupivacaine, an amide-type local anesthetic, indicated for administration into the surgical site to produce postsurgical analgesia; and DepoCyt(e), a liposomal formulation of the chemotherapeutic agent cytarabine indicated for the intrathecal treatment of lymphomatous meningitis, a cancer of the immune system. Its product pipeline comprise EXPAREL that has completed Phase II clinical trials for postsurgical analgesia-nerve block administration; DepoNSAID, which is in preclinical trials for the relief of that is in preclinical trials acute pain; and DepoTXA is currently in pre-clinical development, which is used to treat or prevent excessive blood loss during surgery by promoting hemostasis.