PCRX - Pacira gains as Wedbush initiates at Outperform seeing attractive entry point
- The shares of pain therapy developer Pacira BioSciences ( NASDAQ: PCRX ) gained in the morning hours Tuesday after Wedbush Securities started its coverage with an Outperform recommendation citing a compelling buying opportunity.
- Pacira ( PCRX ) has lost more than 37% over the past 12 months, and the analyst Andreas Argyrides argues: “We find the setup for the stock this year creates an attractive buying opportunity.”
- The analyst points to management efforts to improve the uptake of the company’s non-opioid post-surgical analgesic Exparel and predicts additional upside for his 12-month target of $60 from multiple catalysts this year.
- Argyrides argues that despite a significant decline in surgical operations last year, Pacira ( PCRX ) improved Exparel sales by more than 7% to ~$537M, driven by expanded market penetration.
- However, citing persisting volume headwinds related to elective procedures, Wedbush revises down the 2023 forecast for Exparel growth to a mid-single-digit percentage range from a pandemic-era mid-teens percentage.
- This month, Seeking Alpha contributor Zach Bristow issued a Hold rating on Pacira ( PCRX ), arguing “more evidence (is) needed to advocate entry at current valuations.”
For further details see:
Pacira gains as Wedbush initiates at Outperform seeing attractive entry point