REFILE-BUZZ-J.P. Morgan raises Pacira Biosciences PT on delayed generic competition for pain drug

Removes extraneous word "maker" in first bullet

J.P. Morgan raises PT on drugmaker Pacira Biosciences PCRX.O to $21 from $11

New PT represents a 20.6% downside to the stocks's last close

Says it maintains its "underweight" rating, increasing its PT "primarily reflecting later generic entry"

Brokerage says co's current share price of ~$26 implies that the market is assuming generic entry for co's pain management drug, Exparel in 2035+, which it considers a "highly optimistic scenario" for PCRX and underestimates "competitive risk"

Says "assume a more balanced outcome with market entry late this decade"

Co's lead drug Exparel is a pain-management drug used after surgery

Stock has fallen 11.4% in the last 12 months