Assenagon Asset Management S.A. Acquires Shares of 101,429 Pacira BioSciences, Inc. $PCRX

Key Points

• Assenagon Asset Management acquired 101,429 Pacira BioSciences shares worth approximately $2.57 million, while institutional investors collectively own 99.73% of PCRX.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and a $29.80 average price target, despite several firms maintaining or upgrading it to “Buy” or “Strong Buy.”
• Pacira exceeded quarterly expectations, reporting $0.73 EPS versus $0.65 expected and $192.4 million in revenue, up 6.2% year over year; shares opened at $23.18, within a $18.80–$27.66 12-month range.

Assenagon Asset Management S.A. acquired a new position in shares of Pacira BioSciences, Inc. (NASDAQ:PCRX - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 101,429 shares of the company's stock, valued at approximately $2,573,000. Assenagon Asset Management S.A. owned about 0.26% of Pacira BioSciences as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. increased its position in Pacira BioSciences by 15.1% during the first quarter. PNC Financial Services Group Inc. now owns 3,751 shares of the company's stock worth $85,000 after buying an additional 492 shares during the period. Inspire Investing LLC boosted its stake in Pacira BioSciences by 3.2% during the 4th quarter. Inspire Investing LLC now owns 17,958 shares of the company's stock worth $465,000 after purchasing an additional 556 shares during the period. State of Wyoming grew its position in Pacira BioSciences by 7.0% during the 4th quarter. State of Wyoming now owns 11,155 shares of the company's stock worth $289,000 after purchasing an additional 728 shares during the last quarter. Franklin Resources Inc. grew its position in Pacira BioSciences by 2.6% during the 4th quarter. Franklin Resources Inc. now owns 33,860 shares of the company's stock worth $876,000 after purchasing an additional 846 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Pacira BioSciences by 10.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 11,746 shares of the company's stock worth $268,000 after purchasing an additional 1,142 shares during the last quarter. Institutional investors and hedge funds own 99.73% of the company's stock.

Analyst Ratings Changes

PCRX has been the subject of several recent research reports. HC Wainwright reiterated a "buy" rating and set a $38.00 target price on shares of Pacira BioSciences in a research note on Wednesday, July 1st. Royal Bank Of Canada boosted their price target on Pacira BioSciences from $24.00 to $25.00 and gave the company a "sector perform" rating in a research report on Wednesday, August 5th. Needham & Company LLC upped 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. Wall Street Zen raised Pacira BioSciences from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Finally, Weiss Ratings upgraded Pacira BioSciences from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, May 20th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $29.80.

Insider Activity at Pacira BioSciences

In other Pacira BioSciences news, SVP Lauren Riker sold 6,115 shares of the business'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 directly owned 62,284 shares in the company, valued at approximately $1,463,674. The trade was a 8.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.40% of the company's stock.

Pacira BioSciences Stock Performance

Shares of PCRX stock opened at $23.18 on Friday. 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 stock has a 50 day simple moving average of $24.80 and a 200-day simple moving average of $23.54. The company has a market cap of $923.95 million, a price-to-earnings ratio of 66.23 and a beta of 0.27. 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 posted its quarterly earnings results 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. 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 the consensus estimate of $191.06 million. During the same period in the previous year, the business earned $0.74 earnings per share. The company's revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities analysts forecast that Pacira BioSciences, Inc. will post 1.98 EPS for the current year.

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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