Pacira Pharmaceuticals, Inc. (PCRX) Shares Gap Up on Strong Earnings
Shares of Pacira Pharmaceuticals, Inc. (NASDAQ:PCRX) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $42.50, but opened at $41.00. Pacira Pharmaceuticals shares last traded at $41.00, with a volume of 2711394 shares traded.
The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.15. Pacira Pharmaceuticals had a negative return on equity of 12.44% and a negative net margin of 23.36%. The business had revenue of $67.30 million for the quarter, compared to analyst estimates of $68.99 million. During the same period last year, the company earned $0.20 EPS. Pacira Pharmaceuticals’s revenue for the quarter was down 1.6% compared to the same quarter last year.
Several equities analysts recently issued reports on PCRX shares. CIBC started coverage on Pacira Pharmaceuticals in a research report on Thursday, September 7th. They set a “market perform” rating on the stock. UBS AG started coverage on Pacira Pharmaceuticals in a research report on Wednesday, September 6th. They set a “market perform” rating on the stock. Royal Bank Of Canada restated an “outperform” rating and set a $54.00 price target on shares of Pacira Pharmaceuticals in a research report on Tuesday, September 5th. Zacks Investment Research lowered Pacira Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Monday, October 9th. Finally, Bank of America Corporation reduced their price target on Pacira Pharmaceuticals from $46.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, October 4th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company’s stock. Pacira Pharmaceuticals has a consensus rating of “Hold” and an average price target of $49.71.
In related news, Director Paul J. Hastings sold 1,044 shares of Pacira Pharmaceuticals stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $36.15, for a total transaction of $37,740.60. Following the sale, the director now directly owns 3,518 shares in the company, valued at $127,175.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Kristen Marie Williams sold 3,461 shares of Pacira Pharmaceuticals stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $36.75, for a total value of $127,191.75. Following the sale, the chief accounting officer now owns 21,312 shares in the company, valued at $783,216. The disclosure for this sale can be found here. Insiders have sold 33,390 shares of company stock worth $1,215,480 over the last 90 days. 6.60% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. bought a new stake in shares of Pacira Pharmaceuticals during the second quarter valued at approximately $114,000. Benjamin F. Edwards & Company Inc. boosted its position in shares of Pacira Pharmaceuticals by 12.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,794 shares of the company’s stock valued at $133,000 after purchasing an additional 303 shares in the last quarter. Cubist Systematic Strategies LLC boosted its position in shares of Pacira Pharmaceuticals by 121.5% during the second quarter. Cubist Systematic Strategies LLC now owns 3,194 shares of the company’s stock valued at $152,000 after purchasing an additional 1,752 shares in the last quarter. QS Investors LLC bought a new stake in shares of Pacira Pharmaceuticals during the second quarter valued at approximately $157,000. Finally, Ameritas Investment Partners Inc. boosted its position in shares of Pacira Pharmaceuticals by 9.6% during the second quarter. Ameritas Investment Partners Inc. now owns 3,449 shares of the company’s stock valued at $165,000 after purchasing an additional 302 shares in the last quarter.
The company has a debt-to-equity ratio of 1.03, a quick ratio of 7.26 and a current ratio of 7.84.
About Pacira Pharmaceuticals
Pacira Pharmaceuticals, Inc is a holding company. The Company is a pharmaceutical company focused on the development, manufacture and commercialization of pharmaceutical products, based on its DepoFoam extended release drug delivery technology, for use primarily in hospitals and ambulatory surgery centers.
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