Royal Bank Of Canada Forecasts Strong Price Appreciation for Pacira BioSciences (NASDAQ:PCRX) Stock

Key Points

• Royal Bank of Canada raised Pacira BioSciences’ price target from $24 to $25 while maintaining a “sector perform” rating, implying 2.36% upside from the prior close. Analysts have a consensus “Hold” rating and an average target price of $29.80.
• Pacira shares fell 11.6% to $24.42 during Wednesday trading. Despite the decline, the company reported quarterly EPS of $0.73, beating estimates of $0.65, while revenue rose 6.2% year over year to $192.4 million.
• Institutional investors own 99.73% of the stock, with several major funds increasing their positions. Separately, senior vice president Lauren Riker sold 6,115 shares under a pre-arranged Rule 10b5-1 plan.

Pacira BioSciences (NASDAQ:PCRX - Get Free Report) had its price target boosted by stock analysts at Royal Bank Of Canada from $24.00 to $25.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price objective would indicate a potential upside of 2.36% from the stock's previous close.

Several other research analysts have also commented on the company. Weiss Ratings raised Pacira BioSciences from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, May 20th. Zacks Research raised Pacira BioSciences from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 7th. HC Wainwright reiterated a "buy" rating and issued a $38.00 target price on shares of Pacira BioSciences in a research note on Wednesday, July 1st. Finally, Needham & Company LLC boosted their target price on shares of Pacira BioSciences from $32.00 to $33.00 and gave the stock a "buy" rating in a report on Wednesday. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $29.80.

Pacira BioSciences Stock Down 11.6%

Shares of NASDAQ PCRX traded down $3.20 during midday trading on Wednesday, reaching $24.42. 571,212 shares of the company's stock traded hands, compared to its average volume of 688,955. The company has a quick ratio of 3.35, a current ratio of 4.73 and a debt-to-equity ratio of 0.56. The stock's 50 day simple moving average is $24.60 and its 200-day simple moving average is $23.32. Pacira BioSciences has a one year low of $18.80 and a one year high of $27.66. The company has a market cap of $961.08 million, a price-to-earnings ratio of 201.58 and a beta of 0.27.

Pacira BioSciences (NASDAQ:PCRX - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.73 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.08. The company had revenue of $192.40 million during the quarter, compared to the consensus estimate of $191.06 million. Pacira BioSciences had a net margin of 0.70% and a return on equity of 10.24%. Pacira BioSciences's revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.74 earnings per share. On average, analysts predict that Pacira BioSciences will post 1.94 EPS for the current fiscal year.

Insider Activity

In other news, SVP Lauren Riker sold 6,115 shares of the company's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $23.50, for a total transaction of $143,702.50. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its stake in Pacira BioSciences by 0.5% in the third quarter. Dimensional Fund Advisors LP now owns 2,163,473 shares of the company's stock valued at $55,751,000 after buying an additional 11,831 shares during the last quarter. Balyasny Asset Management L.P. grew its stake in shares of Pacira BioSciences by 36.1% during the second quarter. Balyasny Asset Management L.P. now owns 2,130,733 shares of the company's stock worth $50,925,000 after acquiring an additional 565,288 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Pacira BioSciences by 49.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,104,796 shares of the company's stock valued at $27,454,000 after acquiring an additional 367,869 shares in the last quarter. Impax Asset Management Group plc increased its holdings in shares of Pacira BioSciences by 25.0% during the fourth quarter. Impax Asset Management Group plc now owns 750,027 shares of the company's stock valued at $19,411,000 after acquiring an additional 150,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Pacira BioSciences by 7.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 676,352 shares of the company's stock valued at $17,504,000 after purchasing an additional 49,079 shares during the last quarter. 99.73% of the stock is owned by institutional investors and hedge funds.

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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