Pacira BioSciences (NASDAQ:PCRX) Downgraded by Royal Bank of Canada to “Sector Perform”

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

Several other analysts have also commented on the stock. 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 report on Thursday, July 25th. Barclays downgraded Pacira BioSciences from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $38.00 to $25.00 in a report on Wednesday, July 3rd. HC Wainwright decreased their price target 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. Raymond James lowered their target price on shares of Pacira BioSciences from $41.00 to $37.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. Finally, Piper Sandler reiterated an “overweight” rating and set a $42.00 price objective on shares of Pacira BioSciences in a research note on Wednesday, July 3rd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $24.78.

Pacira BioSciences Stock Performance

NASDAQ:PCRX opened at $12.40 on Monday. The firm’s fifty day simple moving average is $23.26 and its 200 day simple moving average is $27.08. Pacira BioSciences has a twelve month low of $11.16 and a twelve month high of $38.23. 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 P/E ratio of 8.67 and a beta of 0.88.

Insiders Place Their Bets

In other Pacira BioSciences news, CEO Frank D. Lee purchased 8,264 shares of the business’s stock in a transaction 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 purchase, the chief executive officer now 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 can be accessed through this link. In related news, insider Kristen Williams sold 7,452 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $28.38, for a total value of $211,487.76. Following the sale, the insider now directly owns 102,912 shares in the company, valued at $2,920,642.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Frank D. Lee bought 8,264 shares of the stock in a transaction dated Monday, August 12th. The shares were purchased at an average price of $12.10 per share, with a total value of $99,994.40. Following the completion of the transaction, the chief executive officer now directly owns 107,784 shares in the company, valued at approximately $1,304,186.40. The disclosure for this purchase can be found here. Insiders sold a total of 22,095 shares of company stock worth $621,118 over the last three months. 6.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. abrdn plc raised its stake in shares of Pacira BioSciences by 14.3% in the fourth quarter. abrdn plc now owns 448,691 shares of the company’s stock valued at $15,139,000 after acquiring an additional 56,081 shares during the period. Jane Street Group LLC grew its holdings in shares of Pacira BioSciences by 1,780.2% in the first quarter. Jane Street Group LLC now owns 187,531 shares of the company’s stock worth $5,480,000 after purchasing an additional 177,557 shares during the last quarter. Cobalt Capital Management Inc. purchased a new stake in Pacira BioSciences in the 4th quarter valued at about $3,037,000. National Bank of Canada FI bought a new position in Pacira BioSciences in the 4th quarter worth about $966,000. Finally, Bridge City Capital LLC bought a new stake in shares of Pacira BioSciences during the first quarter valued at approximately $1,810,000. Hedge funds and other institutional investors 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.