tiprankstipranks
Pacira price target raised to $12 from $11 at Piper Sandler
The Fly

Pacira price target raised to $12 from $11 at Piper Sandler

Piper Sandler raised the firm’s price target on Pacira (PCRX) to $12 from $11 and keeps a Neutral rating on the shares. The firm notes Pacira reported Q3 non-GAAP diluted EPS of 79c on revenue of $168.6M, compared to Street estimates of 70c and $169.5M, respectively. The company reiterated 2024 total revenue guidance of $680M-$705M, implying growth of 2.5% at the midpoint over 2023, and nonGAAP gross margins of 74%-76%, compared to 74% in 2023. The continued uncertainty regarding if/when eVenus will launch its generic at-risk makes it difficult for Piper to be constructive on Pacira’s shares, even to the extent that competition is limited to one entrant for an extended period and even to the extent that management has levers it can pull regarding its cost structure.

Don't Miss our Black Friday Offers:

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App