85,574 Pacira BioSciences, Inc. $PCRX Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Pacira BioSciences stake by 84.4%, selling 85,574 shares and retaining 15,855 shares valued at approximately $397,000. Institutional investors collectively own 99.73% of the company.
• Pacira reported quarterly EPS of $0.73, exceeding the $0.65 consensus estimate, while revenue rose 6.2% year over year to $192.4 million. The stock opened at $36.42, near its 52-week high of $36.67.
• Analyst sentiment remains cautious: PCRX has a consensus “Hold” rating from MarketBeat, with an average price target of $33.33, below the reported market price. Recent insider sales were conducted under pre-arranged Rule 10b5-1 plans.

Assenagon Asset Management S.A. lessened its stake in Pacira BioSciences, Inc. (NASDAQ:PCRX - Free Report) by 84.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,855 shares of the company's stock after selling 85,574 shares during the period. Assenagon Asset Management S.A.'s holdings in Pacira BioSciences were worth $397,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Wedge Capital Management L L P NC acquired a new stake in shares of Pacira BioSciences during the second quarter worth about $2,399,000. Rice Hall James & Associates LLC purchased a new position in shares of Pacira BioSciences in the second quarter valued at approximately $2,369,000. Bank of New York Mellon Corp purchased a new stake in shares of Pacira BioSciences during the second quarter worth approximately $7,532,000. Bank of America Corp DE acquired a new position in Pacira BioSciences in the 2nd quarter valued at $6,089,000. Finally, Hennion & Walsh Asset Management Inc. raised its stake in Pacira BioSciences by 31.0% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 203,520 shares of the company's stock valued at $5,163,000 after purchasing an additional 48,124 shares during the last quarter. Hedge funds and other institutional investors own 99.73% of the company's stock.

Pacira BioSciences Stock Performance

NASDAQ PCRX opened at $36.42 on Friday. The company has a market cap of $1.45 billion, a P/E ratio of 104.06 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. The stock has a 50-day moving average of $27.86 and a two-hundred day moving average of $25.53. Pacira BioSciences, Inc. has a 1-year low of $18.80 and a 1-year high of $36.67.

Pacira BioSciences (NASDAQ:PCRX - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.73 earnings per share (EPS) 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 for the quarter, compared to analysts' expectations of $191.06 million. During the same quarter in the prior year, the company earned $0.74 earnings per share. The business's quarterly revenue was up 6.2% on a year-over-year basis. As a group, analysts anticipate that Pacira BioSciences, Inc. will post 1.86 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PCRX. Truist Financial cut shares of Pacira BioSciences from a "buy" rating to a "hold" rating and upped their price objective for the company from $31.00 to $36.50 in a research note on Friday, October 9th. HC Wainwright lowered shares of Pacira BioSciences from a "buy" rating to a "hold" rating and decreased their target price for the stock from $38.00 to $36.50 in a research note on Friday, October 9th. JPMorgan Chase & Co. upgraded Pacira BioSciences from an "underweight" rating to a "neutral" rating and set a $36.50 target price on the stock in a report on Thursday, October 8th. Royal Bank Of Canada upped their price target on Pacira BioSciences from $25.00 to $36.50 and gave the company a "sector perform" rating in a research report on Friday, October 9th. Finally, Leerink Partners started coverage on Pacira BioSciences in a report on Wednesday, September 9th. They issued a "market perform" rating and a $28.00 price target for the company. One equities research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $33.33.

Insider Activity

In other Pacira BioSciences news, insider Jonathan Slonin sold 3,040 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $23.23, for a total value of $70,619.20. Following the sale, the insider owned 216,384 shares of the company's stock, valued at $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 available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Lauren Riker sold 6,000 shares of Pacira BioSciences stock in a transaction dated Thursday, October 8th. The shares were sold at an average price of $36.32, for a total value of $217,920.00. Following the completion of the transaction, the senior vice president owned 62,284 shares of the company's stock, valued at $2,262,154.88. The trade was a 8.79% 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. 6.40% of the stock is owned by corporate insiders.

About Pacira BioSciences

Pacira BioSciences, Inc is a specialty pharmaceutical company focused on developing and commercializing non-opioid pain-management and regenerative health solutions. The company's products are designed to address acute postsurgical pain and osteoarthritis-related pain while supporting efforts to reduce reliance on opioid medications.

Pacira's lead product is EXPAREL, an extended-release formulation of bupivacaine administered by injection for postsurgical pain management. The company also markets ZILRETTA, an extended-release corticosteroid injection indicated for osteoarthritis knee pain, and iovera°, a cryoanalgesia system that uses controlled cooling to temporarily block peripheral nerves and relieve pain.

Formerly known as Pacira Pharmaceuticals, the company adopted the Pacira BioSciences name to reflect its broader focus on innovative pain and regenerative-health therapies.

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