Pacira Pharmaceuticals (PCRX) PT Raised to $34 at BMO Capital

BMO Capital raised its price target on Pacira Pharmaceuticals (NASDAQ: PCRX) to $34.00 (from $31.00) while maintaining a Market Perform rating after the company received approval for an upper extremity nerve block indication for Exparel on the PDUFA.

Analyst Gary Nachman commented, "This was a surprising outcome as most (including us) had anticipated a CRL given a negative panel decision in February. The indication is narrow as it is limited to an intrascalene brachial plexus block (label cautions about use in other areas), but this is still a decent portion of the market and enables PCRX to expand its promotion to anesthesiologists."

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