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

(Reporting by Padmanabhan Ananthan)

((Padmanabhan.Ananthan@thomsonreuters.com;))