Truist Financial Reaffirms “Hold” Rating for Pacira BioSciences (NASDAQ:PCRX)

Pacira BioSciences (NASDAQ:PCRX)‘s stock had its “hold” rating reaffirmed by Truist Financial in a report issued on Friday, Benzinga reports. They currently have a $36.50 target price on the stock, up from their prior target price of $31.00. Truist Financial’s price target would suggest a potential upside of 0.51% from the stock’s previous close.

PCRX has been the topic of a number of other research reports. Wall Street Zen raised Pacira BioSciences from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 26th. Weiss Ratings downgraded shares of Pacira BioSciences from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, September 16th. Needham & Company LLC cut Pacira BioSciences from a “buy” rating to a “hold” rating in a research report on Thursday. Oppenheimer assumed coverage on Pacira BioSciences in a research note on Wednesday, September 23rd. They issued an “outperform” rating and a $32.00 price objective for the company. Finally, Zacks Research cut Pacira BioSciences from a “hold” rating to a “strong sell” rating in a research note on Monday. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $33.33.

Pacira BioSciences Stock Performance

Pacira BioSciences stock traded down $0.07 during mid-day trading on Friday, hitting $36.31. 2,572,887 shares of the company’s stock traded hands, compared to its average volume of 819,747. 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 has a one year low of $18.80 and a one year high of $36.46. The firm has a 50 day moving average price of $25.37 and a 200 day moving average price of $24.51. The company has a market cap of $1.45 billion, a PE ratio of 103.76 and a beta of 0.25.

Pacira BioSciences (NASDAQ:PCRX) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.08. Pacira BioSciences had a return on equity of 9.68% and a net margin of 1.96%.The company had revenue of $192.40 million during the quarter, compared to analysts’ expectations of $191.06 million. During the same quarter in the prior year, the business posted $0.74 earnings per share. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities analysts forecast that Pacira BioSciences will post 1.91 EPS for the current year.

Insider Buying and Selling

In other Pacira BioSciences news, insider Jonathan Slonin sold 3,040 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $23.23, for a total value of $70,619.20. Following the transaction, the insider owned 216,384 shares in the company, valued at $5,026,600.32. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.40% of the stock is owned by company 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. Wedge Capital Management L L P NC acquired a new stake in shares of Pacira BioSciences in the second quarter worth about $2,399,000. Rice Hall James & Associates LLC acquired a new position in shares of Pacira BioSciences during the 2nd quarter valued at about $2,369,000. Bank of New York Mellon Corp bought a new position in shares of Pacira BioSciences in the 2nd quarter valued at approximately $7,532,000. Gagnon Advisors LLC raised its stake in shares of Pacira BioSciences by 22.3% in the 4th quarter. Gagnon Advisors LLC now owns 260,908 shares of the company’s stock valued at $6,752,000 after acquiring an additional 47,506 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. lifted its holdings in Pacira BioSciences by 31.0% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 203,520 shares of the company’s stock worth $5,163,000 after purchasing an additional 48,124 shares during the last quarter. Institutional investors own 99.73% of the company’s stock.

Key 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.