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February 1, 2013
13:15 EDTPCRX, PCRXBarclays' pharmaceuticals analyst research team holds a conference call
Pharmaceuticals Research Team, along with Dr. Stephen Cohen of Emory University School of Medicine, dicuss Pacira Pharmaceuticals' Exparel on an Analyst/Industry conference call to be held on February 1 at 1:30 pm.
News For PCRX From The Last 14 Days
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September 29, 2015
10:00 EDTPCRXOn The Fly: Analyst Initiation Summary
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08:18 EDTPCRXPacira initiated with a Buy at Nomura
Target $90.
September 24, 2015
06:02 EDTPCRXPacira selloff yesterday an overreaction, says Barclays
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September 23, 2015
16:34 EDTPCRXOn The Fly: Top stock stories for Wednesday
Stocks began the day in quiet fashion and remained that way during the first hour of trading. Following the release of the weekly energy inventory report, the averages moved lower and looked to be possibly setting up for another selloff. Positive comments on China's economy by its President, who is visiting the U.S., brought out buyers, who pared the market's losses. The averages finished slightly in the red in a day marked by low volume as a number of market participants may have been absent in observance of the Jewish holiday of Yom Kippur. ECONOMIC EVENTS: In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. EIA inventory data showed a 1.93M barrel fall in crude oil inventories, versus expectations for a weekly drawdown of 1.25M barrels. In China, Markit's flash manufacturing PMI fell to 47.0 in September from 47.3 last month. In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Shares of Volkswagen (VLKAY) trading in New York rebounded 6.5% to $27.10 following the resignation of Chief Executive Officer Martin Winterkorn, with the company's supervisory board subsequently praising the decision and saying it will consider his replacement at a meeting Friday. Prior to the CEO change news, the stock was downgraded at research firms JPMorgan, Deutsche Bank and Natixis to hold or equivalent ratings this morning. Accounting for today's advance, U.S.-listed shares of Volkwagen are still down nearly 29% since last Friday, when the EPA publicly accused the automaker of equipping certain diesel cars sold in the U.S. with software that circumvented emissions standards... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in China. The deals are possibly worth tens of billions of dollars in total and represent the largest total order the planemaker has received from Chinese companies, according to Reuters. The Wall Street Journal reported, citing people familiar with the matter, that Cisco (CSCO) plans to announce a partnership with Chinese server maker Inspur Group during President Xi Jinping's visit. MAJOR MOVERS: Among the notable gainers was First Niagara (FNFG), which advanced $1.30, or 14.5%, to $10.26 following a Bloomberg report that the company is exploring a sale. DealReporter noted that potential suitors include Toronto-Dominion Bank (TD), Huntington Bancshares (HBAN) and New York Community Bancorp (NYCB). BioMed Realty (BMR) gained $2.36, or 12.3%, to $21.54 after Bloomberg reported that the company is in talks to sell itself and has attracted attention from firms including Blackstone (BX). Heron Therapeutics (HRTX) rose $7.25, or 21.6%, to $40.81 after announcing that its Phase 2 study of HTX-011 for post-operative pain met its primary endpoint. Shares of a competitor Pacira (PCRX) declined 7.65% after the news, with several analysts remarking that Heron's data compares favorably versus Pacira's Exparel drug. Summit Midstream Partners (SMLP) declined $3.90, or 18.2%, to $17.52 following a Bloomberg report that Energy Capital Partners is seeking to sell its stake in the company. Synchronoss (SNCR) fell 10.75% to $33.37 after research firm Baird said it has become "increasingly concerned" that Verizon (VZ) is "no longer fully committed" to the white-label cloud product it offers in conjunction with the cloud services provider. INDEXES: The Dow fell 50.58, or 0.31%, to 16,279.89, the Nasdaq lost 3.98, or 0.08%, to 4,752.74, and the S&P 500 declined 3.98, or 0.2%, to 1,938.76.
12:27 EDTPCRXOn The Fly: Top stock stories at midday
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09:09 EDTPCRXOn The Fly: Pre-market Movers
HIGHER: Heron Therapeutics (HRTX), up 20% after announcing results from its Phase 2 clinical study of its drug for the management of post-operative pain in patients undergoing bunionectomy... BioMed Realty Trust (BMR), up 10% after Bloomberg reported that the company is in talks to sell itself and has attracted interest from companies including Blackstone (BX) and Canaccord upgraded BioMed Realty to Buy... Citrix Systems (CTXS), up 2.5% after Reuters said the company is making a last-ditch attempt to sell itself as a whole company before beginning asset sales. LOWER: OncoGenex (OGXI), down 19% after the company reported that the addition of apatorsen to Abraxane and gemcitabine did not demonstrate a survival benefit compared to Abraxane and gemcitabine alone in a Phase 2 clinical study... Pacira Pharmaceuticals (PCRX), down 3.7% in the wake of Heron's new data, with several analysts stating that Heron's data compares favorably versus Pacira's Exparel drug.
08:57 EDTPCRXPacira slides after competitor Heron reports pain drug data
Shares of Heron Therapeutics (HRTX) are surging higher after the biotech company announced results from its Phase 2 clinical study of its drug for the management of post-operative pain in patients undergoing bunionectomy. Shares of a competitor, Pacira Pharmaceuticals (PCRX), are sliding in the wake of Heron's new data, with several analysts stating that Heron's data compares favorably versus Pacira's Exparel drug. COMPETING DRUGS: Exparel is a local analgesic that utilizes bupivacaine in combination with Pacira's DepoFoam product delivery platform and is indicated for administration into the surgical site to produce postsurgical pain relief. Heron's HTX-011, which utilizes the company's proprietary Biochronomer drug delivery technology, is a long-acting formulation of the local anesthetic bupivacaine in a fixed-dose combination with the anti-inflammatory meloxicam. BEARISH TAKES: In a note to investors this morning following the data release from Heron, JMP Securities analyst Liisa Bayko said the data for HTX-011 appears superior to the data reported for Exparel in a similar pain setting across metrics that include pain intensity score relative to placebo, duration of pain control and rate of patients being pain free. The analyst, who called the reduction in opiate use with HTX-011 in the trial "impressive," raised her price target on Heron shares to $56 from $40 and maintains an Outperform rating on the shares. Meanwhile, Leerink analyst Jason Gerberry raised his price target for Heron to $57 from $38, saying last night's Phase 2 topline data look "much stronger" than Pacira's Exparel. While HTX-011 is a higher absolute dose compared to Exparel's, the drug's delivery technology provides "stable long-acting delivery of bupivacaine over 3-days at acceptable drug blood levels," Gerberry tells investors in a research note. The analyst raised his 2025 sales forecast and odds of success for HTX-011 to $700M and 65%, respectively. DEFENDING PACIRA: Canaccord analyst Corey Davis acknowledged that Phase 2 data on HTX-011 "appear impressive" on the surface, but notes that there are "challenges still to come" that "many have missed in the initial euphoria." Davis said that the 200mg dose of HTX-011 didn't work, adding that the 400mg dose that did work is a "very high dose of bupivacaine," while noting that the bunionectomy dose in Exparel's label is 106mg. If HTX-011 comes in a non-dilutable 5 ml volume, as the firm believes, it could be a problem commercially for the drug since volumes differ greatly based on the type of procedure, the analyst also contends. Additionally, Heron announced for the first time a new formulation that uses a lower, yet apparently equipotent, 200mg dose and said it's developing several formulations to be tailor-made for specific procedures. This strategy makes the development path even more complicated, according to the analyst, since each formulation would need a separate NDA approval for a specific surgical procedure. Davis has a $76 price target and Buy rating on Pacira. PRICE ACTION: In pre-market trading, Heron Therapeutics shares are up 21% to $40.65. Pacira, which slid $2.83 to close at $60.63 per share yesterday, is down another 2% in pre-market trading this morning.
08:45 EDTPCRXHeron competitor to Pacira's Exparel still years away, says Canaccord
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08:07 EDTPCRXHeron Therapeutics price target raised to $56 from $40 at JMP Securities
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06:51 EDTPCRXHeron Therapeutics price target raised to $58 from $47 at Jefferies
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06:08 EDTPCRXHeron Therapeutics price target raised to $57 from $38 at Leerink
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