Pacira BioSciences (NASDAQ:PCRX) Lowered to "Buy" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Pacira BioSciences from “strong buy” to “buy,” while the broader analyst consensus remains “hold” with an average price target of $29.80.
• Pacira exceeded quarterly expectations, reporting adjusted EPS of $0.73 versus $0.65 expected and revenue of $192.4 million, up 6.2% year over year.
• The stock opened at $23.00, with a market capitalization of approximately $916.8 million and a 12-month trading range of $18.80 to $27.66; institutional investors own nearly 99.73% of shares.

Pacira BioSciences (NASDAQ:PCRX - Get Free Report) was downgraded by Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued on Sunday.

A number of other research analysts have also recently weighed in on PCRX. Needham & Company LLC lifted their price objective on shares of Pacira BioSciences from $32.00 to $33.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. HC Wainwright reiterated a "buy" rating and set a $38.00 target price on shares of Pacira BioSciences in a report on Wednesday, July 1st. Royal Bank Of Canada raised their price target on shares of Pacira BioSciences from $24.00 to $25.00 and gave the company a "sector perform" rating in a research report on Wednesday, August 5th. Finally, Weiss Ratings upgraded shares of Pacira BioSciences from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, May 20th. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $29.80.

Pacira BioSciences Stock Performance

Shares of Pacira BioSciences stock opened at $23.00 on Friday. The stock has a market capitalization of $916.78 million, a price-to-earnings ratio of 65.72 and a beta of 0.27. 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 business has a 50-day moving average of $24.80 and a 200 day moving average of $23.53. Pacira BioSciences has a 12 month low of $18.80 and a 12 month high of $27.66.

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 analysts' consensus estimates of $0.65 by $0.08. The company had revenue of $192.40 million for the quarter, compared to analyst estimates of $191.06 million. Pacira BioSciences had a net margin of 1.96% and a return on equity of 9.68%. The business's revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.74 earnings per share. As a group, sell-side analysts forecast that Pacira BioSciences will post 1.98 earnings per share for the current year.

Insider Buying and Selling

In other Pacira BioSciences news, SVP Lauren Riker sold 6,115 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $23.50, for a total value of $143,702.50. Following the sale, the senior vice president directly owned 62,284 shares of the company's stock, valued at approximately $1,463,674. This represents a 8.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Pacira BioSciences

A number of institutional investors and hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. raised its stake in Pacira BioSciences by 15.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,751 shares of the company's stock valued at $85,000 after buying an additional 492 shares in the last quarter. Inspire Investing LLC boosted its position in shares of 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 acquiring an additional 556 shares in the last quarter. State of Wyoming boosted its position in shares of 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 acquiring an additional 728 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of 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 acquiring an additional 846 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Pacira BioSciences by 10.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 11,746 shares of the company's stock valued at $268,000 after acquiring an additional 1,142 shares during the last quarter. Institutional investors and hedge funds own 99.73% of the company's stock.

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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