Pacira BioSciences (NASDAQ:PCRX) Shares Down 6.4% – Here’s What Happened

Pacira BioSciences, Inc. (NASDAQ:PCRX)’s share price traded down 6.4% during mid-day trading on Tuesday . The company traded as low as $16.29 and last traded at $16.31. 109,590 shares traded hands during trading, a decline of 87% from the average session volume of 846,311 shares. The stock had previously closed at $17.42.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $10.00 price target (down previously from $45.00) on shares of Pacira BioSciences in a report on Monday, August 12th. Jefferies Financial Group boosted their price target on Pacira BioSciences from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Truist Financial lowered Pacira BioSciences from a “buy” rating to a “sell” rating and lowered their price target for the company from $30.00 to $8.00 in a report on Tuesday, August 13th. Raymond James lowered shares of Pacira BioSciences from an “outperform” rating to a “market perform” rating in a research report on Monday, August 12th. Finally, StockNews.com cut shares of Pacira BioSciences from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $23.50.

Pacira BioSciences Price Performance

The company has a market cap of $763.19 million, a price-to-earnings ratio of -8.08 and a beta of 0.82. The company has a current ratio of 2.25, a quick ratio of 1.89 and a debt-to-equity ratio of 0.51. The business has a 50-day moving average price of $16.28 and a 200 day moving average price of $20.14.

Institutional Investors Weigh In On Pacira BioSciences

Several hedge funds have recently modified their holdings of PCRX. Jane Street Group LLC raised its holdings in Pacira BioSciences by 1,780.2% during the 1st quarter. Jane Street Group LLC now owns 187,531 shares of the company’s stock worth $5,480,000 after buying an additional 177,557 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Pacira BioSciences by 12.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,828,065 shares of the company’s stock valued at $52,300,000 after acquiring an additional 198,936 shares during the period. Pacer Advisors Inc. lifted its position in shares of Pacira BioSciences by 129.4% in the 3rd quarter. Pacer Advisors Inc. now owns 4,962,221 shares of the company’s stock valued at $74,681,000 after acquiring an additional 2,799,434 shares in the last quarter. Legato Capital Management LLC boosted its stake in Pacira BioSciences by 74.0% in the 2nd quarter. Legato Capital Management LLC now owns 52,913 shares of the company’s stock worth $1,514,000 after purchasing an additional 22,497 shares during the period. Finally, WINTON GROUP Ltd purchased a new position in Pacira BioSciences during the 2nd quarter worth approximately $2,726,000. 99.73% of the stock is owned by hedge funds and other institutional investors.

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.