Pacira BioSciences (NASDAQ:PCRX) Stock Dropped to "Strong Sell" by Zacks Research

Key Points

• Zacks Research downgraded Pacira BioSciences to “strong sell” from “hold,” despite mixed analyst views. The broader consensus remains “hold,” with a consensus price target of $30.14.
• Pacira reported quarterly earnings of $0.73 per share, beating expectations of $0.65, while revenue rose 6.2% year over year to $192.4 million.
• PCRX opened at $24.76 and has traded between $18.80 and $27.66 over the past year. Institutional investors own approximately 99.73% of the company’s stock.

Pacira BioSciences (NASDAQ:PCRX - Get Free Report) was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued on Monday, Zacks reports.

PCRX has been the subject of a number of other reports. Needham & Company LLC raised their price objective on shares of Pacira BioSciences from $32.00 to $33.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Royal Bank Of Canada boosted their price objective on shares of Pacira BioSciences from $24.00 to $25.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 5th. Oppenheimer started coverage on shares of Pacira BioSciences in a research report on Wednesday, September 23rd. They set an "outperform" rating and a $32.00 target price for the company. HC Wainwright reiterated a "buy" rating and set a $38.00 price objective on shares of Pacira BioSciences in a research note on Wednesday, July 1st. Finally, Leerink Partners assumed coverage on Pacira BioSciences in a research note on Wednesday, September 9th. They issued a "market perform" rating and a $28.00 price target on the stock. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Pacira BioSciences presently has a consensus rating of "Hold" and a consensus target price of $30.14.

Pacira BioSciences Price Performance

Shares of PCRX opened at $24.76 on Monday. The firm has a fifty day moving average price of $25.20 and a 200 day moving average price of $24.39. The stock has a market cap of $986.93 million, a PE ratio of 70.74 and a beta of 0.25. The company has a debt-to-equity ratio of 0.54, a current ratio of 5.04 and a quick ratio of 3.94. Pacira BioSciences has a 1-year low of $18.80 and a 1-year high of $27.66.

Pacira BioSciences (NASDAQ:PCRX - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.08. Pacira BioSciences had a net margin of 1.96% and a return on equity of 9.68%. The business had revenue of $192.40 million during the quarter, compared to the consensus estimate of $191.06 million. During the same quarter in the prior year, the firm earned $0.74 earnings per share. The business's quarterly revenue was up 6.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Pacira BioSciences will post 1.91 EPS for the current year.

Insider Transactions at Pacira BioSciences

In other Pacira BioSciences news, insider Jonathan Slonin sold 3,040 shares of Pacira BioSciences stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $23.23, for a total value of $70,619.20. Following the completion of the transaction, the insider directly owned 216,384 shares in the company, valued at $5,026,600.32. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. acquired a new stake in Pacira BioSciences in the first quarter worth $46,000. Global Retirement Partners LLC acquired a new position in shares of Pacira BioSciences during the second quarter valued at $51,000. State of Wyoming bought a new position in shares of Pacira BioSciences during the second quarter worth about $78,000. PNC Financial Services Group Inc. increased its holdings in shares of Pacira BioSciences by 15.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,751 shares of the company's stock worth $85,000 after acquiring an additional 492 shares during the period. Finally, Keating Financial Advisory Services Inc. bought a new stake in Pacira BioSciences in the 2nd quarter valued at about $110,000. Institutional investors and hedge funds own 99.73% of the company's stock.

Pacira BioSciences Company Profile

Pacira BioSciences, Inc is a specialty pharmaceutical company focused on developing and commercializing non-opioid pain-management products. The company's portfolio is designed to help manage acute and chronic pain while reducing reliance on traditional opioid therapies.

Its principal product is EXPAREL, an extended-release formulation of bupivacaine used to provide postsurgical pain relief. Pacira also markets ZILRETTA, an extended-release corticosteroid injection for osteoarthritis-related knee pain, and the iovera° system, a handheld cryoanalgesia device intended to temporarily block peripheral nerves and provide targeted pain relief.

Originally known as Pacira Pharmaceuticals, the company adopted the name Pacira BioSciences in 2018 to reflect its broader focus on innovative therapies and technologies.

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