JPMorgan Chase & Co. Reiterates Underweight Rating for Pacira BioSciences (NASDAQ:PCRX)

Pacira BioSciences (NASDAQ:PCRX)‘s stock had its “underweight” rating restated by equities research analysts at JPMorgan Chase & Co. in a research report issued on Monday, Marketbeat.com reports. They currently have a $10.00 price target on the stock, down from their previous price target of $45.00. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 19.35% from the company’s current price.

A number of other brokerages have also recently issued reports on PCRX. Royal Bank of Canada reduced their target price on shares of Pacira BioSciences from $42.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Needham & Company LLC cut their price target on shares of Pacira BioSciences from $43.00 to $22.00 and set a “buy” rating for the company in a report on Monday. Raymond James reduced their price target on shares of Pacira BioSciences from $41.00 to $37.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Truist Financial lowered their price objective on shares of Pacira BioSciences from $45.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, July 25th. Finally, Piper Sandler reissued an “overweight” rating and set a $42.00 target price on shares of Pacira BioSciences in a research report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $24.78.

Pacira BioSciences Stock Performance

PCRX opened at $12.40 on Monday. The company has a quick ratio of 5.70, a current ratio of 6.82 and a debt-to-equity ratio of 0.67. The stock has a market cap of $577.17 million, a price-to-earnings ratio of 8.67 and a beta of 0.88. Pacira BioSciences has a 12-month low of $11.16 and a 12-month high of $38.23. The business has a 50 day moving average of $23.26 and a 200-day moving average of $27.08.

Insider Buying and Selling at Pacira BioSciences

In other news, CEO Frank D. Lee acquired 8,264 shares of Pacira BioSciences stock in a transaction on Monday, August 12th. The stock was acquired at an average cost of $12.10 per share, for a total transaction of $99,994.40. Following the purchase, the chief executive officer now owns 107,784 shares in the company, valued at $1,304,186.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Frank D. Lee bought 8,264 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average cost of $12.10 per share, for a total transaction of $99,994.40. Following the completion of the transaction, the chief executive officer now owns 107,784 shares of the company’s stock, valued at $1,304,186.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Daryl Gaugler sold 1,000 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $28.38, for a total value of $28,380.00. Following the completion of the transaction, the chief operating officer now owns 116,040 shares in the company, valued at $3,293,215.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,095 shares of company stock valued at $621,118. 6.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Pacira BioSciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Profund Advisors LLC lifted its holdings in Pacira BioSciences by 26.2% during the second quarter. Profund Advisors LLC now owns 10,551 shares of the company’s stock worth $302,000 after buying an additional 2,190 shares during the period. Pacer Advisors Inc. grew its holdings in Pacira BioSciences by 37.5% during the second quarter. Pacer Advisors Inc. now owns 2,162,787 shares of the company’s stock worth $61,877,000 after acquiring an additional 590,082 shares during the period. Canada Pension Plan Investment Board acquired a new position in shares of Pacira BioSciences in the second quarter worth about $140,000. Hsbc Holdings PLC raised its stake in shares of Pacira BioSciences by 74.6% during the 2nd quarter. Hsbc Holdings PLC now owns 28,733 shares of the company’s stock worth $812,000 after buying an additional 12,275 shares during the period. Finally, Mercer Global Advisors Inc. ADV raised its position in shares of Pacira BioSciences by 39.0% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 12,686 shares of the company’s stock worth $363,000 after purchasing an additional 3,562 shares during the last quarter. 99.73% of the stock is owned by hedge funds and other institutional investors.

Pacira BioSciences Company Profile

Pacira BioSciences, Inc engages in the development, manufacture, marketing, distribution, and sale of non-opioid pain management and regenerative health solutions to healthcare practitioners in the United States. The company offers EXPAREL, a bupivacaine liposome injectable suspension; ZILRETTA, a triamcinolone acetonide extended-release injectable suspension; and iovera system, a non-opioid handheld cryoanalgesia device used to produce controlled doses of cold temperature to targeted nerves.