Pacira Pharmaceuticals (PCRX) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Pacira Pharmaceuticals (NASDAQ:PCRX) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.

According to Zacks, “Pacira’s top line mainly comprises contribution from its marketed product. The company is heavily dependent on Exparel for growth, which accounts for a significant chunk of its revenues. The company discontinued DepoCyt(e) in June 2017 due to persistent technical issues and lower collaborative licensing and milestone revenues. However, during the third quarter of 2017, the FDA accepted the resubmission of Pacira's supplemental new drug application (sNDA) seeking expansion of Exparel label to include administration via nerve block for prolonged regional analgesia and set an action date of Apr 6, 2018. Additionally, Pacira remains optimistic of its partnership with J&J to market and promote the use of Exparel, with their sales and medical education teams. Loss estimates have narrowed ahead of the Q4 earnings.”

PCRX has been the topic of a number of other reports. Canaccord Genuity reissued a buy rating and issued a $44.00 price objective (down from $48.00) on shares of Pacira Pharmaceuticals in a research note on Sunday, October 1st. Wedbush reissued an outperform rating and issued a $87.00 price objective on shares of Pacira Pharmaceuticals in a research note on Wednesday, October 25th. Needham & Company LLC reissued a buy rating on shares of Pacira Pharmaceuticals in a research note on Tuesday, September 26th. BidaskClub downgraded Pacira Pharmaceuticals from a buy rating to a hold rating in a research note on Saturday, January 6th. Finally, Goldman Sachs Group started coverage on Pacira Pharmaceuticals in a research note on Thursday, September 28th. They issued a neutral rating and a $41.00 price objective on the stock. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of Hold and an average target price of $49.00.

Shares of Pacira Pharmaceuticals (NASDAQ:PCRX) traded down $0.72 on Tuesday, reaching $41.50. The company’s stock had a trading volume of 1,030,000 shares, compared to its average volume of 712,847. The firm has a market cap of $1,713.07, a P/E ratio of -31.68 and a beta of 2.20. The company has a debt-to-equity ratio of 1.03, a current ratio of 6.99 and a quick ratio of 6.24. Pacira Pharmaceuticals has a 52-week low of $29.81 and a 52-week high of $58.95.

Pacira Pharmaceuticals (NASDAQ:PCRX) last announced its quarterly earnings data on Wednesday, November 8th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.15. The company had revenue of $67.30 million for the quarter, compared to the consensus estimate of $68.99 million. Pacira Pharmaceuticals had a negative return on equity of 13.77% and a negative net margin of 18.25%. The firm’s revenue was down 1.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.20 EPS. equities research analysts forecast that Pacira Pharmaceuticals will post -0.85 EPS for the current fiscal year.

In related news, SVP James B. Jones sold 850 shares of the business’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $41.11, for a total value of $34,943.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mark A. Kronenfeld bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The stock was purchased at an average cost of $41.60 per share, with a total value of $41,600.00. Following the completion of the transaction, the director now directly owns 6,795 shares in the company, valued at $282,672. The disclosure for this purchase can be found here. Insiders sold a total of 98,960 shares of company stock valued at $3,868,341 over the last ninety days. 6.60% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Northern Trust Corp increased its holdings in Pacira Pharmaceuticals by 9.1% during the 2nd quarter. Northern Trust Corp now owns 505,529 shares of the company’s stock worth $24,114,000 after purchasing an additional 42,289 shares in the last quarter. State Street Corp increased its holdings in Pacira Pharmaceuticals by 1.0% during the 2nd quarter. State Street Corp now owns 1,118,083 shares of the company’s stock worth $53,340,000 after purchasing an additional 10,727 shares in the last quarter. TIAA CREF Investment Management LLC increased its holdings in Pacira Pharmaceuticals by 40.4% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 191,224 shares of the company’s stock worth $9,121,000 after purchasing an additional 55,057 shares in the last quarter. Royal Bank of Canada increased its holdings in Pacira Pharmaceuticals by 20.1% during the 2nd quarter. Royal Bank of Canada now owns 340,971 shares of the company’s stock worth $16,265,000 after purchasing an additional 57,149 shares in the last quarter. Finally, Epoch Investment Partners Inc. increased its holdings in Pacira Pharmaceuticals by 195.7% during the 3rd quarter. Epoch Investment Partners Inc. now owns 535,999 shares of the company’s stock worth $20,127,000 after purchasing an additional 354,728 shares in the last quarter.

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Pacira Pharmaceuticals Company Profile

Pacira Pharmaceuticals, Inc is a holding company. The Company is a pharmaceutical company focused on the development, manufacture and commercialization of pharmaceutical products, based on its DepoFoam extended release drug delivery technology, for use primarily in hospitals and ambulatory surgery centers.

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