Royal Bank of Canada Downgrades Pacira BioSciences (NASDAQ:PCRX) to Sector Perform

Pacira BioSciences (NASDAQ:PCRX) was downgraded by analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research note issued to investors on Monday, MarketBeat.com reports. They presently have a $14.00 price target on the stock, down from their prior price target of $37.00. Royal Bank of Canada’s price target would suggest a potential upside of 12.90% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Piper Sandler reiterated an “overweight” rating and set a $42.00 price target on shares of Pacira BioSciences in a research report on Wednesday, July 3rd. Raymond James reduced their price objective on Pacira BioSciences from $41.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. StockNews.com raised shares of Pacira BioSciences from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 1st. Truist Financial reduced their price target on Pacira BioSciences from $45.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, July 25th. Finally, HC Wainwright reduced their target price on shares of Pacira BioSciences from $57.00 to $39.00 and set a “buy” rating for the company in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $24.78.

Pacira BioSciences Price Performance

Shares of PCRX opened at $12.40 on Monday. The firm has a market capitalization of $577.17 million, a price-to-earnings ratio of 8.67 and a beta of 0.88. The stock’s fifty day moving average is $23.26 and its 200-day moving average is $27.08. Pacira BioSciences has a one year low of $11.16 and a one year high of $38.23. The company has a debt-to-equity ratio of 0.67, a quick ratio of 5.70 and a current ratio of 6.82.

Insider Activity

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

Institutional Investors Weigh In On Pacira BioSciences

Hedge funds have recently modified their holdings of the business. ICA Group Wealth Management LLC bought a new stake in shares of Pacira BioSciences in the fourth quarter valued at about $30,000. GAMMA Investing LLC boosted its holdings in shares of Pacira BioSciences by 229.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,338 shares of the company’s stock valued at $38,000 after buying an additional 932 shares during the last quarter. Park Place Capital Corp acquired a new stake in Pacira BioSciences in the second quarter valued at $46,000. Innealta Capital LLC acquired a new stake in Pacira BioSciences in the 2nd quarter valued at about $50,000. Finally, nVerses Capital LLC boosted its stake in shares of Pacira BioSciences by 800.0% during the 2nd quarter. nVerses Capital LLC now owns 1,800 shares of the company’s stock worth $51,000 after acquiring an additional 1,600 shares during the period. Institutional investors and hedge funds own 99.73% of the company’s stock.

About Pacira BioSciences

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.