Renaissance Technologies LLC Sells 58,500 Shares of Pacira BioSciences, Inc. $PCRX

Key Points

• Renaissance Technologies reduced its Pacira BioSciences stake by 3.1%, selling 58,500 shares and retaining 1.83 million shares worth approximately $41.3 million. Institutional investors collectively own 99.73% of PCRX.
• Analyst sentiment remains mixed, with three Buy, three Hold, and one Sell rating. The stock carries an overall “Hold” consensus and an average price target of $29.40.
• Pacira’s latest quarterly revenue rose 5% year over year to $177.38 million, exceeding estimates, while earnings of $0.60 per share narrowly missed expectations. Shares opened at $26.47, near their 52-week high of $27.64.

Renaissance Technologies LLC decreased its stake in shares of Pacira BioSciences, Inc. (NASDAQ:PCRX - Free Report) by 3.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,825,501 shares of the company's stock after selling 58,500 shares during the period. Renaissance Technologies LLC owned 4.64% of Pacira BioSciences worth $41,256,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PCRX. Northwestern Mutual Wealth Management Co. raised its stake in shares of Pacira BioSciences by 5,900.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,500 shares of the company's stock worth $39,000 after acquiring an additional 1,475 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Pacira BioSciences during the first quarter valued at approximately $46,000. Kestra Advisory Services LLC bought a new stake in shares of Pacira BioSciences during the fourth quarter valued at approximately $48,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Pacira BioSciences in the fourth quarter valued at approximately $51,000. Finally, Global Retirement Partners LLC increased its holdings in shares of Pacira BioSciences by 479.4% in the fourth quarter. Global Retirement Partners LLC now owns 2,028 shares of the company's stock valued at $52,000 after purchasing an additional 1,678 shares in the last quarter. Institutional investors own 99.73% of the company's stock.

Insiders Place Their Bets

In other Pacira BioSciences news, SVP Lauren Riker sold 6,115 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $23.50, for a total value of $143,702.50. Following the transaction, the senior vice president owned 62,284 shares of the company's stock, valued at approximately $1,463,674. This represents a 8.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed 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.

Wall Street Analyst Weigh In

Several research firms have issued reports on PCRX. Royal Bank Of Canada upped their price objective on Pacira BioSciences from $22.00 to $24.00 and gave the stock a "sector perform" rating in a report on Friday, May 1st. Needham & Company LLC lifted their target price on Pacira BioSciences from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Friday, May 1st. 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. Zacks Research raised Pacira BioSciences from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 7th. Finally, Weiss Ratings upgraded Pacira BioSciences from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, May 20th. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Pacira BioSciences has an average rating of "Hold" and a consensus price target of $29.40.

Pacira BioSciences Stock Performance

Shares of Pacira BioSciences stock opened at $26.47 on Tuesday. The firm has a fifty day moving average of $24.17 and a two-hundred day moving average of $23.19. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of 220.60 and a beta of 0.27. Pacira BioSciences, Inc. has a 52 week low of $18.80 and a 52 week high of $27.64. The company has a debt-to-equity ratio of 0.56, a quick ratio of 3.35 and a current ratio of 4.73.

Pacira BioSciences (NASDAQ:PCRX - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The company reported $0.60 earnings per share for the quarter, missing analysts' consensus estimates of $0.61 by ($0.01). Pacira BioSciences had a net margin of 0.70% and a return on equity of 10.24%. The company had revenue of $177.38 million during the quarter, compared to analyst estimates of $171.80 million. During the same period last year, the company earned $0.65 EPS. The business's revenue for the quarter was up 5.0% compared to the same quarter last year. As a group, equities research analysts predict that Pacira BioSciences, Inc. will post 1.94 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.

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