Pacira BioSciences (NASDAQ:PCRX) Upgraded to “Strong-Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Pacira BioSciences (NASDAQ:PCRX) from a buy rating to a strong-buy rating in a research report report published on Saturday morning,Wall Street Zen reports.

PCRX has been the topic of several other research reports. Leerink Partners initiated coverage on Pacira BioSciences in a research report on Wednesday, September 9th. They set a “market perform” rating and a $28.00 target price on the stock. Truist Financial initiated coverage on Pacira BioSciences in a research report on Monday, August 17th. They issued a “buy” rating and a $30.00 price target for the company. Oppenheimer assumed coverage on Pacira BioSciences in a research note on Wednesday. They set an “outperform” rating and a $32.00 price objective on the stock. Royal Bank Of Canada increased 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, Needham & Company LLC raised 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, August 5th. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $30.14.

Pacira BioSciences Stock Performance

NASDAQ PCRX opened at $25.12 on Friday. The company’s 50 day moving average is $25.32 and its 200-day moving average is $24.25. Pacira BioSciences has a 12-month low of $18.80 and a 12-month high of $27.66. The company has a quick ratio of 3.94, a current ratio of 5.04 and a debt-to-equity ratio of 0.54. The firm has a market cap of $1.00 billion, a P/E ratio of 71.77 and a beta of 0.26.

Pacira BioSciences (NASDAQ:PCRX) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.08. Pacira BioSciences had a net margin of 1.96% and a return on equity of 9.68%. The company had revenue of $192.40 million for the quarter, compared to analysts’ expectations of $191.06 million. During the same period in the prior year, the company posted $0.74 EPS. Pacira BioSciences’s revenue was up 6.2% compared to the same quarter last year. Sell-side analysts predict that Pacira BioSciences will post 2.03 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 stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $23.23, for a total value of $70,619.20. Following the sale, the insider directly owned 216,384 shares in the company, valued at $5,026,600.32. This represents a 1.39% decrease in their position. The transaction was disclosed in a document filed 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 owned by corporate insiders.

Hedge Funds Weigh In On Pacira BioSciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PCRX. Eurizon Capital SGR S.p.A. purchased a new stake in Pacira BioSciences in the fourth quarter valued at approximately $51,000. Global Retirement Partners LLC purchased a new position in Pacira BioSciences in the 2nd quarter worth approximately $51,000. Meeder Asset Management Inc. bought a new position in shares of Pacira BioSciences in the 1st quarter worth $46,000. Hantz Financial Services Inc. increased its holdings in shares of Pacira BioSciences by 127.3% in the 4th quarter. Hantz Financial Services Inc. now owns 2,573 shares of the company’s stock worth $67,000 after buying an additional 1,441 shares during the last quarter. Finally, State of Wyoming purchased a new stake in shares of Pacira BioSciences during the 2nd quarter valued at $78,000. 99.73% of the stock is currently owned by hedge funds and other institutional investors.

About Pacira BioSciences

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.