296,880 Shares in Pacira BioSciences, Inc. $PCRX Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 296,880 Pacira BioSciences shares worth approximately $7.5 million, while institutional investors collectively own 99.73% of the company.
• Pacira reported quarterly earnings of $0.73 per share, exceeding estimates of $0.65, with revenue rising 6.2% year over year to $192.4 million.
• PCRX opened at $26.60 and has an average analyst rating of Hold, with a consensus price target of $30.20; recent targets range from $30 to $38.

Bank of New York Mellon Corp acquired a new position in shares of Pacira BioSciences, Inc. (NASDAQ:PCRX - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 296,880 shares of the company's stock, valued at approximately $7,532,000. Bank of New York Mellon Corp owned about 0.75% of Pacira BioSciences as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in the stock. Balyasny Asset Management L.P. lifted its position in shares of Pacira BioSciences by 36.1% during the 2nd quarter. Balyasny Asset Management L.P. now owns 2,130,733 shares of the company's stock valued at $50,925,000 after buying an additional 565,288 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Pacira BioSciences by 49.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,104,796 shares of the company's stock valued at $27,454,000 after purchasing an additional 367,869 shares during the last quarter. Hillsdale Investment Management Inc. bought a new position in Pacira BioSciences during the fourth quarter worth about $7,976,000. LSV Asset Management boosted its position in Pacira BioSciences by 179.8% during the fourth quarter. LSV Asset Management now owns 319,800 shares of the company's stock worth $8,276,000 after purchasing an additional 205,500 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of Pacira BioSciences in the second quarter worth about $4,550,000. Institutional investors own 99.73% of the company's stock.

Insider Buying and Selling

In other 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 value of $70,619.20. Following the transaction, the insider owned 216,384 shares of the company's stock, valued at $5,026,600.32. This represents a 1.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Lauren Riker sold 6,115 shares of the firm's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $23.50, for a total transaction of $143,702.50. Following the sale, the senior vice president owned 62,284 shares in the company, valued at approximately $1,463,674. This trade represents a 8.94% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.40% of the company's stock.

Pacira BioSciences Price Performance

Pacira BioSciences stock opened at $26.60 on Friday. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of 76.00 and a beta of 0.26. The company has a quick ratio of 3.94, a current ratio of 5.04 and a debt-to-equity ratio of 0.54. The business has a 50-day simple moving average of $25.41 and a 200 day simple moving average of $23.99. Pacira BioSciences, Inc. has a 52 week low of $18.80 and a 52 week high of $27.66.

Pacira BioSciences (NASDAQ:PCRX - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.08. Pacira BioSciences had a return on equity of 9.68% and a net margin of 1.96%.The firm had revenue of $192.40 million for the quarter, compared to analysts' expectations of $191.06 million. During the same quarter last year, the firm posted $0.74 EPS. The company's revenue was up 6.2% compared to the same quarter last year. On average, research analysts forecast that Pacira BioSciences, Inc. will post 1.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PCRX. Truist Financial initiated coverage on shares of Pacira BioSciences in a research note on Monday, August 17th. They set a "buy" rating and a $30.00 price target on the stock. HC Wainwright restated a "buy" rating and set a $38.00 target price on shares of Pacira BioSciences in a research report on Wednesday, July 1st. Wall Street Zen lowered Pacira BioSciences from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 16th. Weiss Ratings upgraded Pacira BioSciences from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday. Finally, Needham & Company LLC boosted their price objective on Pacira BioSciences from $32.00 to $33.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Pacira BioSciences currently has an average rating of "Hold" and an average target price of $30.20.

Pacira BioSciences Company Profile

Pacira BioSciences, Inc is a specialty pharmaceutical company focused on developing and commercializing non-opioid, non-addictive pain management and regenerative health solutions. The company's flagship product, EXPAREL, is a bupivacaine liposome injectable suspension designed to provide long-lasting postsurgical analgesia. EXPAREL is used by clinicians across a broad range of surgical procedures to reduce reliance on opioid medications and to help manage acute postoperative pain.

In addition to its marketed offering, Pacira maintains an active pipeline of investigational products aimed at addressing unmet needs in pain management and inflammation control.

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