Pacira Rises After Q4 results; Analysts Anticipate Further Growth
Northern, WI 03/09/2013 (avauncer) – The shares of Pacira Pharmaceuticals Inc. (NASDAQ:PCRX) surged to a record high level one day after the release of its quarterly results. According to the financial statements of the company released Thursday, sales of its flagship drug Exparel, saw a QoQ increase of 69.5% to $7.8 million, compared to $4.6 million for the last quarter.
Commercial sales of the drug as a pain reliever for patients in postoperative care, started in April this year. Further clinical studies to unravel more uses of the drug are underway. Efficacy in rheumatoid arthritis and cancer treatment are two options being tested as of now.
An analyst with the Jefferies & Co Investment bank anticipated that the the price hike would most likely continue beyond the $26.25 ceiling it touched on Thursday. The stock went as high as $28.45 in yesterday’s trading session.
The positive vibes stemming from the sales growth of Exparel, pulled a warmer response from stock analysts. Corey Davis, an analyst rose the target price on the share from $24 to to $32. The drug has been mostly used in treatments such as plastic surgeries but has also attracted an interest from orthopedic surgeons, he said in his research note. The stock could go up as much as 20% over its price at the close of Thursday’s trading session, he opines.
In the year to date the stock gained 49% hitting its an all time high of $28.38 on Friday.
Pacira Pharmaceuticals Inc. (NASDAQ:PCRX) shares were up 7.987% to close at $28.18.