Pacira Pharmaceuticals Inc. (NASDAQ:PCRX) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Pacira’s top line is driven by strong demand for its lead product, Exparel, on the back of growth within existing accounts, along with increasing acceptance by major hospitals and orthopedic centers with growing use in orthopedic procedures. We are also encouraged by the company’s label expansion efforts for Exparel, which should boost revenues. Recently, the company launched the drug in the oral surgery indication. The label expansion of Exparel into the field of oral surgery will benefit oral and maxillofacial surgeons, prosthodontists and endodontists by giving them the ability to produce analgesia with a single-dose administration during the days following surgery. However, the company’s sole dependence on Exparel for top-line growth is a concern. Moreover, increasing competition for the drug is concerning.”
PCRX has been the topic of several other reports. Brean Capital reissued a “hold” rating on shares of Pacira Pharmaceuticals in a report on Friday, August 5th. BMO Capital Markets reissued a “sell” rating and set a $36.00 price target on shares of Pacira Pharmaceuticals in a report on Friday, August 5th. Cowen and Company initiated coverage on Pacira Pharmaceuticals in a report on Wednesday, September 7th. They set a “market perform” rating on the stock. Wedbush reissued an “outperform” rating and set a $109.00 price target on shares of Pacira Pharmaceuticals in a report on Wednesday, September 21st. Finally, Mizuho reissued a “buy” rating and set a $64.00 price target on shares of Pacira Pharmaceuticals in a report on Wednesday, July 20th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $72.83.
Pacira Pharmaceuticals (NASDAQ:PCRX) traded down 0.95% during trading on Tuesday, reaching $35.46. The company had a trading volume of 228,911 shares. The firm’s 50-day moving average price is $39.78 and its 200 day moving average price is $44.44. The firm’s market capitalization is $1.32 billion. Pacira Pharmaceuticals has a one year low of $31.08 and a one year high of $80.25.
Pacira Pharmaceuticals (NASDAQ:PCRX) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.16. The business had revenue of $69.60 million for the quarter, compared to analysts’ expectations of $67.80 million. Pacira Pharmaceuticals had a positive return on equity of 0.02% and a negative net margin of 4.21%. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.20 EPS. Equities analysts forecast that Pacira Pharmaceuticals will post $0.44 earnings per share for the current fiscal year.
In other news, CEO David M. Stack sold 15,000 shares of the firm’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $45.32, for a total transaction of $679,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President James S. Scibetta sold 25,000 shares of the firm’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $45.21, for a total value of $1,130,250.00. The disclosure for this sale can be found here. 6.90% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC raised its position in shares of Pacira Pharmaceuticals by 19.1% in the second quarter. FMR LLC now owns 5,567,088 shares of the company’s stock worth $187,778,000 after buying an additional 892,511 shares during the last quarter. Westfield Capital Management Co. LP raised its position in shares of Pacira Pharmaceuticals by 92.5% in the second quarter. Westfield Capital Management Co. LP now owns 1,333,868 shares of the company’s stock worth $44,991,000 after buying an additional 640,814 shares during the last quarter. Schroder Investment Management Group purchased a new position in shares of Pacira Pharmaceuticals during the second quarter worth $16,163,000. Point72 Asset Management L.P. purchased a new position in shares of Pacira Pharmaceuticals during the second quarter worth $9,486,000. Finally, EverPoint Asset Management LLC purchased a new position in shares of Pacira Pharmaceuticals during the second quarter worth $8,938,000.
About Pacira Pharmaceuticals
Pacira Pharmaceuticals, Inc is a specialty pharmaceutical company. The Company is focused on the development, commercialization and manufacture of pharmaceutical products, based on its DepoFoam drug delivery technology, for use in hospitals and ambulatory surgery centers. Its primary focus lies in the development of non-opioid products for postsurgical pain control.
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