PCRX - Pacira BioSciences sheds 7% after SVB Leerink downgrade
SVB Leerink has downgraded Pacira BioSciences (PCRX) to Market Perform from Outperform citing competitive pressure on its lead product EXPAREL® (bupivacaine liposome injectable suspension).However, the price target was raised to $75 from $63 based on the results from a ‘physician post-op pain survey.’ Pacira BioSciences is trading ~7.0% lower today.The analyst Ami Fadia predicts HTX-011 from Heron Therapeutics (HRTX) to challenge the dominance of EXPAREL in post-operative pain management. Heron recently refiled its marketing application with the FDA seeking approval for HTX-011 for management of postoperative pain.Expecting HTX-011 to receive approval by the May PDUFA date, the analyst writes ‘Exparel growth will be adversely impacted by HTX-011 due to better-perceived duration of pain relief, opioid reduction properties, and a lower price point.’After more than a two-thirds rise in the stock, Fadia projects, Pacira trading near 5-year highs, to pull back as the FDA action date for HTX-011 approaches.Noting that Heron received a Complete Response
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Pacira BioSciences sheds 7% after SVB Leerink downgrade