240,006 Shares in Pacira BioSciences, Inc. $PCRX Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 240,006 Pacira BioSciences shares worth approximately $6.1 million, giving it a 0.60% stake. Institutional investors collectively owned 99.73% of PCRX at quarter-end.
• Insider Jonathan Slonin sold 3,040 shares for about $70,619 under a pre-arranged Rule 10b5-1 plan; company insiders retain a 6.40% ownership stake.
• Analyst sentiment is mixed, with an average “Hold” rating and a $30.14 price target. Pacira recently beat quarterly earnings estimates, reporting $0.73 in EPS versus the $0.65 consensus, while revenue rose 6.2% year over year to $192.4 million.

Bank of America Corp DE bought a new position in shares of Pacira BioSciences, Inc. (NASDAQ:PCRX - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 240,006 shares of the company's stock, valued at approximately $6,089,000. Bank of America Corp DE owned 0.60% of Pacira BioSciences at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Wedge Capital Management L L P NC bought a new position in shares of Pacira BioSciences in the second quarter worth $2,399,000. Rice Hall James & Associates LLC bought a new stake in Pacira BioSciences during the second quarter valued at $2,369,000. Gagnon Advisors LLC boosted its stake in Pacira BioSciences by 22.3% during the fourth quarter. Gagnon Advisors LLC now owns 260,908 shares of the company's stock valued at $6,752,000 after buying an additional 47,506 shares during the period. Hennion & Walsh Asset Management Inc. boosted its stake in Pacira BioSciences by 31.0% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 203,520 shares of the company's stock valued at $5,163,000 after buying an additional 48,124 shares during the period. Finally, First Trust Advisors LP grew its position in Pacira BioSciences by 59.2% during the first quarter. First Trust Advisors LP now owns 300,632 shares of the company's stock worth $6,794,000 after buying an additional 111,743 shares in the last quarter. 99.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Jonathan Slonin sold 3,040 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $23.23, for a total transaction of $70,619.20. Following the transaction, the insider owned 216,384 shares of the company's stock, valued at approximately $5,026,600.32. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.40% of the company's stock.

Analyst Ratings Changes

PCRX has been the subject of a number of research analyst reports. Leerink Partners assumed coverage on Pacira BioSciences in a research report on Wednesday, September 9th. They set a "market perform" rating and a $28.00 price target for the company. Truist Financial initiated coverage on Pacira BioSciences in a report on Monday, August 17th. They set a "buy" rating and a $30.00 price objective for the company. HC Wainwright restated a "buy" rating and issued a $38.00 price objective on shares of Pacira BioSciences in a research report on Wednesday, July 1st. Royal Bank Of Canada raised their target price 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. Finally, Weiss Ratings lowered shares of Pacira BioSciences from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, September 16th. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $30.14.

Pacira BioSciences Price Performance

Shares of Pacira BioSciences stock opened at $25.12 on Monday. The company has a current ratio of 5.04, a quick ratio of 3.94 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $1.00 billion, a PE ratio of 71.77 and a beta of 0.26. The business's 50-day moving average price is $25.32 and its 200-day moving average price is $24.27. Pacira BioSciences, Inc. has a 12 month low of $18.80 and a 12 month high of $27.66.

Pacira BioSciences (NASDAQ:PCRX - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.73 earnings per share for the quarter, beating analysts' consensus estimates of $0.65 by $0.08. The company had revenue of $192.40 million for the quarter, compared to analysts' expectations of $191.06 million. Pacira BioSciences had a return on equity of 9.68% and a net margin of 1.96%.Pacira BioSciences's revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period last year, the firm posted $0.74 EPS. Sell-side analysts forecast that Pacira BioSciences, Inc. will post 2.03 EPS for the current fiscal year.

Pacira BioSciences Company Profile

Pacira BioSciences, Inc is a pharmaceutical company focused on developing and commercializing non-opioid pain-management products. The company's therapies are intended to help manage acute and chronic pain while supporting efforts to reduce reliance on opioid medications.

Pacira's principal product is EXPAREL, an extended-release formulation of bupivacaine used for postsurgical pain management and regional analgesia. The company also markets ZILRETTA, an extended-release corticosteroid injection for osteoarthritis knee pain, and iovera, a device-based treatment that uses targeted cold therapy to temporarily block peripheral nerves and reduce pain.

Founded as Pacira Pharmaceuticals, the company changed its name to Pacira BioSciences in 2020 to reflect its broader focus on innovative pain therapies.

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