Pacira BioSciences (NASDAQ:PCRX) Shares Down 5% – Here’s What Happened

Pacira BioSciences, Inc. (NASDAQ:PCRX) was down 5% during trading on Wednesday . The stock traded as low as $21.83 and last traded at $22.00. Approximately 221,818 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 889,012 shares. The stock had previously closed at $23.16.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PCRX. Truist Financial raised Pacira BioSciences from a “sell” rating to a “hold” rating and increased their price objective for the stock from $8.00 to $25.00 in a report on Thursday, January 30th. HC Wainwright increased their price target on Pacira BioSciences from $57.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Royal Bank of Canada restated a “sector perform” rating and set a $18.00 price objective on shares of Pacira BioSciences in a research note on Tuesday, January 14th. Barclays upped their price objective on shares of Pacira BioSciences from $17.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Finally, Needham & Company LLC raised their target price on shares of Pacira BioSciences from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Friday, February 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $27.22.

Pacira BioSciences Price Performance

The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.89 and a current ratio of 2.25. The company’s 50 day moving average price is $23.72 and its 200-day moving average price is $19.14. The company has a market cap of $1.02 billion, a price-to-earnings ratio of -10.87 and a beta of 0.86.

Institutional Investors Weigh In On Pacira BioSciences

Several large investors have recently modified their holdings of PCRX. Sterling Capital Management LLC boosted its position in shares of Pacira BioSciences by 779.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,363 shares of the company’s stock valued at $26,000 after purchasing an additional 1,208 shares during the period. Ancora Advisors LLC acquired a new position in Pacira BioSciences in the 4th quarter worth approximately $26,000. Caitlin John LLC boosted its stake in Pacira BioSciences by 1,850.0% in the 4th quarter. Caitlin John LLC now owns 1,872 shares of the company’s stock worth $35,000 after purchasing an additional 1,776 shares during the period. Nisa Investment Advisors LLC grew its position in Pacira BioSciences by 495.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,304 shares of the company’s stock worth $62,000 after purchasing an additional 2,749 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in Pacira BioSciences by 16.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,597 shares of the company’s stock valued at $68,000 after buying an additional 513 shares during the period. 99.73% of the stock is owned by institutional investors.

About Pacira BioSciences

Pacira Biosciences, Inc is a holding company, which engages in the provision of non-opioid pain management and regenerative health solutions to improve patients’ journeys along the neural pain pathway. Its products include EXPAREL, iovera, and DepoFoam. The company was founded in December 2006 and is headquartered in Tampa, FL.