Pacira BioSciences (NASDAQ:PCRX) Trading Down 7.9% – Here’s What Happened

Pacira BioSciences, Inc. (NASDAQ:PCRX) was down 7.9% during trading on Wednesday . The company traded as low as $25.21 and last traded at $25.43. 181,670 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 686,524 shares. The stock had previously closed at $27.62.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Weiss Ratings raised Pacira BioSciences from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, May 20th. Royal Bank Of Canada lifted their price target on Pacira BioSciences from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Wednesday. Needham & Company LLC boosted their target price on Pacira BioSciences from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, HC Wainwright reiterated a “buy” rating and issued a $38.00 price objective on shares of Pacira BioSciences in a research note on Wednesday, July 1st. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $29.80.

Pacira BioSciences Stock Down 1.6%

The company has a quick ratio of 3.35, a current ratio of 5.04 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $1.00 billion, a price-to-earnings ratio of 71.93 and a beta of 0.27. The firm has a 50 day moving average of $24.65 and a two-hundred day moving average of $23.39.

Pacira BioSciences (NASDAQ:PCRX) last issued its earnings results on Tuesday, August 4th. The company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.08. The firm 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 company’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the business posted $0.74 earnings per share. As a group, sell-side analysts anticipate that Pacira BioSciences, Inc. will post 1.94 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP Lauren Riker sold 6,115 shares of Pacira BioSciences stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $23.50, for a total transaction 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 trade represents a 8.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 6.40% of the company’s stock.

Hedge Funds Weigh In On Pacira BioSciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Pacira BioSciences by 5,900.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,500 shares of the company’s stock worth $39,000 after buying an additional 1,475 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Pacira BioSciences in the 4th quarter valued at about $48,000. Eurizon Capital SGR S.p.A. bought a new stake in Pacira BioSciences in the 4th quarter valued at about $51,000. Global Retirement Partners LLC bought a new stake in shares of Pacira BioSciences during the second quarter valued at approximately $51,000. Finally, Meeder Asset Management Inc. bought a new position in shares of Pacira BioSciences in the 1st quarter worth $46,000. 99.73% of the stock is currently 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.