Pacira BioSciences (NASDAQ:PCRX) Coverage Initiated by Analysts at Oppenheimer

Research analysts at Oppenheimer initiated coverage on shares of Pacira BioSciences (NASDAQ:PCRX) in a report released on Wednesday, Benzinga reports. The brokerage set an “outperform” rating and a $32.00 price target on the stock. Oppenheimer’s target price suggests a potential upside of 29.55% from the stock’s current price.

A number of other equities analysts have also commented on PCRX. Truist Financial started coverage on shares of Pacira BioSciences in a research report on Monday, August 17th. They set a “buy” rating and a $30.00 target price on the stock. HC Wainwright reiterated a “buy” rating and issued a $38.00 price target on shares of Pacira BioSciences in a report on Wednesday, July 1st. Leerink Partners assumed coverage on Pacira BioSciences in a research note on Wednesday, September 9th. They issued a “market perform” rating and a $28.00 price objective on the stock. Royal Bank Of Canada raised their price objective on Pacira BioSciences from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 5th. Finally, Weiss Ratings lowered Pacira BioSciences from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, September 16th. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Pacira BioSciences has an average rating of “Hold” and an average price target of $30.14.

Pacira BioSciences Stock Performance

PCRX stock opened at $24.70 on Wednesday. Pacira BioSciences has a twelve month low of $18.80 and a twelve month high of $27.66. The firm has a market cap of $984.54 million, a price-to-earnings ratio of 70.57 and a beta of 0.26. The business’s fifty day simple moving average is $25.34 and its two-hundred day simple moving average is $24.21. The company has a quick ratio of 3.94, a current ratio of 5.04 and a debt-to-equity ratio of 0.54.

Pacira BioSciences (NASDAQ:PCRX) last issued its earnings results on Tuesday, August 4th. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.08. The firm had revenue of $192.40 million during 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 was up 6.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.74 earnings per share. Analysts predict that Pacira BioSciences will post 1.98 earnings per share for the current year.

Insider Transactions at Pacira BioSciences

In other Pacira BioSciences news, insider Jonathan Slonin sold 3,040 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $23.23, for a total transaction of $70,619.20. Following the transaction, the insider owned 216,384 shares of the company’s stock, valued at approximately $5,026,600.32. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pacira BioSciences

Hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP increased its holdings in Pacira BioSciences by 5.7% during the first quarter. Dimensional Fund Advisors LP now owns 2,060,597 shares of the company’s stock valued at $46,572,000 after buying an additional 110,584 shares during the period. Wellington Management Group LLP lifted its holdings in Pacira BioSciences by 17.8% during the second quarter. Wellington Management Group LLP now owns 563,458 shares of the company’s stock worth $14,295,000 after buying an additional 85,075 shares during the period. Gagnon Securities LLC lifted its holdings in Pacira BioSciences by 11.5% during the fourth quarter. Gagnon Securities LLC now owns 501,211 shares of the company’s stock worth $12,971,000 after buying an additional 51,494 shares during the period. Hillsdale Investment Management Inc. lifted its holdings in Pacira BioSciences by 7.5% during the first quarter. Hillsdale Investment Management Inc. now owns 331,300 shares of the company’s stock worth $7,487,000 after buying an additional 23,100 shares during the period. Finally, First Trust Advisors LP boosted its position in Pacira BioSciences by 59.2% during the 1st quarter. First Trust Advisors LP now owns 300,632 shares of the company’s stock valued at $6,794,000 after acquiring an additional 111,743 shares in the last quarter. Hedge funds and other institutional investors own 99.73% of the company’s stock.

Pacira BioSciences Company Profile

Pacira BioSciences, Inc is a pharmaceutical company focused on developing and commercializing non-opioid pain-management products. The company’s therapies are intended to help manage acute and chronic pain while supporting efforts to reduce reliance on opioid medications.

Pacira’s principal product is EXPAREL, an extended-release formulation of bupivacaine used for postsurgical pain management and regional analgesia. The company also markets ZILRETTA, an extended-release corticosteroid injection for osteoarthritis knee pain, and iovera, a device-based treatment that uses targeted cold therapy to temporarily block peripheral nerves and reduce pain.

Founded as Pacira Pharmaceuticals, the company changed its name to Pacira BioSciences in 2020 to reflect its broader focus on innovative pain therapies.