Pacira BioSciences’ (PCRX) “Hold” Rating Reaffirmed at Truist Financial

Pacira BioSciences (NASDAQ:PCRX)‘s stock had its “hold” rating restated by research analysts at Truist Financial in a report released on Friday, Benzinga reports. They currently have a $36.50 target price on the stock, up from their previous target price of $31.00. Truist Financial’s price objective points to a potential upside of 0.51% from the stock’s current price.

Other research analysts have also recently issued reports about the company. HC Wainwright reaffirmed a “neutral” rating and set a $36.50 price objective (down from $38.00) on shares of Pacira BioSciences in a research report on Friday. JPMorgan Chase & Co. raised shares of Pacira BioSciences from an “underweight” rating to a “neutral” rating and set a $36.50 price objective for the company in a research report on Thursday. Zacks Research cut shares of Pacira BioSciences from a “hold” rating to a “strong sell” rating in a report on Monday. Needham & Company LLC downgraded Pacira BioSciences from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Leerink Partners assumed coverage on shares of Pacira BioSciences in a research note on Wednesday, September 9th. They issued a “market perform” rating and a $28.00 price target on the stock. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Pacira BioSciences presently has a consensus rating of “Reduce” and an average price target of $33.33.

Pacira BioSciences Stock Performance

Pacira BioSciences stock traded down $0.07 on Friday, hitting $36.31. The company’s stock had a trading volume of 2,572,887 shares, compared to its average volume of 819,747. Pacira BioSciences has a one year low of $18.80 and a one year high of $36.46. The firm has a market cap of $1.45 billion, a P/E ratio of 103.76 and a beta of 0.25. The company has a fifty day moving average price of $25.37 and a 200-day moving average price of $24.51. 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 posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.08. Pacira BioSciences had a net margin of 1.96% and a return on equity of 9.68%. The firm had revenue of $192.40 million during the quarter, compared to analysts’ expectations of $191.06 million. During the same quarter last year, the company posted $0.74 EPS. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, equities analysts anticipate that Pacira BioSciences will post 1.91 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Jonathan Slonin sold 3,040 shares of the firm’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $23.23, for a total transaction of $70,619.20. Following the sale, the insider owned 216,384 shares of the company’s stock, valued at $5,026,600.32. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through 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 Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Integrated Wealth Concepts LLC boosted its holdings in shares of Pacira BioSciences by 8.6% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 43,764 shares of the company’s stock worth $1,110,000 after buying an additional 3,482 shares in the last quarter. Baird Financial Group Inc. purchased a new position in shares of Pacira BioSciences in the 2nd quarter worth approximately $213,000. Amundi grew its stake in Pacira BioSciences by 16.2% in the 2nd quarter. Amundi now owns 15,894 shares of the company’s stock valued at $403,000 after purchasing an additional 2,210 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Pacira BioSciences during the 2nd quarter worth $851,000. Finally, Three Seasons Wealth LLC grew its position in Pacira BioSciences by 43.6% during the second quarter. Three Seasons Wealth LLC now owns 62,942 shares of the company’s stock valued at $1,597,000 after buying an additional 19,107 shares during the period. 99.73% of the stock is owned by institutional investors.

More Pacira BioSciences News

Here are the key news stories impacting Pacira BioSciences this week:

• Positive Sentiment: Viatris’ acquisition provides a significant premium and a clear cash-value reference for PCRX shareholders. Viatris said the deal will add Pacira’s marketed, patent-protected non-opioid pain medicines, including EXPAREL and ZILRETTA, and is expected to be immediately accretive to its financial guidance. Viatris acquisition announcement
• Positive Sentiment: The acquisition announcement pushed Pacira to a 52-week high and was the primary catalyst for the stock’s increase. Pacira reaches 52-week high

About Pacira BioSciences

Pacira BioSciences, Inc is a specialty pharmaceutical company focused on developing and commercializing non-opioid pain-management products. The company’s portfolio is designed to help manage acute and chronic pain while reducing reliance on traditional opioid therapies.

Its principal product is EXPAREL, an extended-release formulation of bupivacaine used to provide postsurgical pain relief. Pacira also markets ZILRETTA, an extended-release corticosteroid injection for osteoarthritis-related knee pain, and the iovera° system, a handheld cryoanalgesia device intended to temporarily block peripheral nerves and provide targeted pain relief.

Originally known as Pacira Pharmaceuticals, the company adopted the name Pacira BioSciences in 2018 to reflect its broader focus on innovative therapies and technologies.