Public Employees Retirement System of Ohio Purchases New Position in Pacira BioSciences, Inc. $PCRX

Key Points

• Public Employees Retirement System of Ohio bought 41,385 Pacira BioSciences shares worth approximately $1.05 million, while institutional investors collectively own 99.73% of PCRX.
• Analyst sentiment is mixed: Needham, HC Wainwright, and Truist maintain “buy” ratings, but the consensus rating is Hold with a $30.20 price target.
• Pacira exceeded quarterly expectations, reporting $0.73 EPS versus $0.65 expected and $192.4 million in revenue, up 6.2% year over year.

Public Employees Retirement System of Ohio purchased a new stake in Pacira BioSciences, Inc. (NASDAQ:PCRX - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 41,385 shares of the company's stock, valued at approximately $1,050,000. Public Employees Retirement System of Ohio owned about 0.10% of Pacira BioSciences as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PCRX. 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 worth $50,925,000 after buying an additional 565,288 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Pacira BioSciences by 49.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,104,796 shares of the company's stock valued at $27,454,000 after buying an additional 367,869 shares during the last quarter. Hillsdale Investment Management Inc. acquired a new stake in Pacira BioSciences during the 4th quarter worth $7,976,000. Bank of New York Mellon Corp acquired a new stake in Pacira BioSciences during the 2nd quarter worth $7,532,000. Finally, Bank of America Corp DE purchased a new stake in Pacira BioSciences in the second quarter valued at $6,089,000. Institutional investors and hedge funds own 99.73% of the company's stock.

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 shares were 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 of the company's stock, valued at approximately $5,026,600.32. This trade represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Lauren Riker sold 6,115 shares of Pacira BioSciences stock in a transaction that occurred 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 of the company's stock, valued at approximately $1,463,674. The trade was a 8.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.40% of the stock is owned by company insiders.

Analyst Ratings Changes

PCRX has been the subject of several research analyst reports. Needham & Company LLC upped their price objective on shares of Pacira BioSciences from $32.00 to $33.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. HC Wainwright reissued a "buy" rating and issued a $38.00 target price on shares of Pacira BioSciences in a report on Wednesday, July 1st. Wall Street Zen downgraded Pacira BioSciences from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 16th. Truist Financial initiated coverage on Pacira BioSciences in a research report on Monday, August 17th. They set a "buy" rating and a $30.00 price target on the stock. Finally, Weiss Ratings upgraded shares of Pacira BioSciences from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, September 1st. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $30.20.

Pacira BioSciences Stock Performance

NASDAQ PCRX opened at $25.87 on Wednesday. The company has a current ratio of 5.04, a quick ratio of 3.94 and a debt-to-equity ratio of 0.54. Pacira BioSciences, Inc. has a 12-month low of $18.80 and a 12-month high of $27.66. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of 73.92 and a beta of 0.26. The business's 50 day moving average is $25.46 and its two-hundred day moving average is $24.06.

Pacira BioSciences (NASDAQ:PCRX - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $192.40 million during 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 was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.74 earnings per share. Research analysts expect that Pacira BioSciences, Inc. will post 1.98 EPS for the current year.

About Pacira BioSciences

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.

Want to see what other hedge funds are holding PCRX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pacira BioSciences, Inc. (NASDAQ:PCRX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.