Pacira Biosciences (NASDAQ:PCRX) Rating Increased to Hold at Zacks Investment Research

Pacira Biosciences (NASDAQ:PCRX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday, Zacks.com reports. The firm currently has a $47.00 price target on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 6.55% from the company’s current price.

According to Zacks, “Pacira changed its name to Pacira BioSciences following the acquisition of MyoScience in April 2019. Pacira’s top line mainly comprises contribution from its marketed drug Exparel. The company’s efforts to expand Exparel's label are encouraging. In April 2018, the FDA approved Exparel's label expansion to include administration via nerve block for prolonged regional analgesia. This is a positive for the company as it will further boost sales of Exparel. Pacira’s agreement with Nuance for the development/commercialization of Exparel in China is also an upside. Shares of the company have underperformed the industry year to date. The company remains heavily dependent on Exparel for growth, any setback for the drug will severely hurt the stock in the long run.”

PCRX has been the topic of several other research reports. Barclays initiated coverage on shares of Pacira Biosciences in a report on Tuesday, June 11th. They issued an “overweight” rating and a $52.00 price target on the stock. Stifel Nicolaus upgraded shares of Pacira Biosciences from a “sell” rating to a “hold” rating and set a $45.00 price target on the stock in a report on Thursday, May 2nd. BMO Capital Markets set a $46.00 price target on shares of Pacira Biosciences and gave the stock a “hold” rating in a report on Friday, May 3rd. BidaskClub upgraded shares of Pacira Biosciences from a “strong sell” rating to a “sell” rating in a report on Wednesday. Finally, Mizuho upgraded shares of Pacira Biosciences from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $29.00 to $38.00 in a report on Monday, May 6th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $54.53.

Shares of PCRX traded up $0.10 during mid-day trading on Friday, hitting $44.11. 203,076 shares of the company traded hands, compared to its average volume of 473,258. Pacira Biosciences has a 1-year low of $35.07 and a 1-year high of $55.00. The company has a debt-to-equity ratio of 0.99, a current ratio of 8.62 and a quick ratio of 7.83. The company has a market capitalization of $1.86 billion, a P/E ratio of 152.10, a PEG ratio of 2.57 and a beta of 1.14. The firm’s 50 day simple moving average is $42.75.

Pacira Biosciences (NASDAQ:PCRX) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.20. Pacira Biosciences had a net margin of 2.10% and a return on equity of 6.78%. The company had revenue of $91.31 million for the quarter, compared to the consensus estimate of $92.13 million. During the same quarter in the prior year, the company earned $0.02 EPS. Pacira Biosciences’s quarterly revenue was up 22.4% on a year-over-year basis. On average, sell-side analysts predict that Pacira Biosciences will post 0.76 earnings per share for the current fiscal year.

In other news, insider Richard Scranton sold 15,510 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $43.21, for a total transaction of $670,187.10. Following the transaction, the insider now owns 23,111 shares in the company, valued at approximately $998,626.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Paul J. Hastings sold 782 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $42.66, for a total value of $33,360.12. Following the transaction, the director now owns 2,747 shares in the company, valued at approximately $117,187.02. The disclosure for this sale can be found here. In the last 90 days, insiders sold 57,990 shares of company stock worth $2,497,045. Insiders own 5.80% of the company’s stock.

Several large investors have recently made changes to their positions in PCRX. Steward Partners Investment Advisory LLC purchased a new position in Pacira Biosciences in the 2nd quarter valued at $71,000. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of Pacira Biosciences in the 1st quarter worth $65,000. First Mercantile Trust Co. acquired a new stake in shares of Pacira Biosciences in the 1st quarter worth $142,000. Convergence Investment Partners LLC acquired a new stake in shares of Pacira Biosciences in the 2nd quarter worth $174,000. Finally, Quantamental Technologies LLC acquired a new stake in shares of Pacira Biosciences in the 1st quarter worth $162,000. Hedge funds and other institutional investors own 99.34% of the company’s stock.

About Pacira Biosciences

Pacira BioSciences, Inc provides non-opioid pain management and regenerative health solutions for health care practitioners and their patients in the United States. The company develops products based on its proprietary DepoFoam product delivery technology that encapsulates drugs without altering their molecular structure.

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