Pacira Pharmaceuticals, Inc. (PCRX) Downgraded by Canaccord Genuity to Hold
Canaccord Genuity downgraded shares of Pacira Pharmaceuticals, Inc. (NASDAQ:PCRX) from a buy rating to a hold rating in a research report released on Monday morning, MarketBeat reports. Canaccord Genuity currently has $33.00 price objective on the stock, down from their previous price objective of $44.00.
Other equities research analysts also recently issued research reports about the stock. BMO Capital Markets decreased their target price on shares of Pacira Pharmaceuticals from $42.00 to $40.00 and set a market perform rating for the company in a research note on Thursday, August 3rd. ValuEngine downgraded shares of Pacira Pharmaceuticals from a hold rating to a sell rating in a research note on Friday, August 4th. HC Wainwright set a $59.00 target price on shares of Pacira Pharmaceuticals and gave the stock a buy rating in a research note on Thursday, August 3rd. Janney Montgomery Scott upgraded shares of Pacira Pharmaceuticals from a sell rating to a neutral rating and set a $31.00 target price for the company in a research note on Monday, August 21st. Finally, Zacks Investment Research upgraded shares of Pacira Pharmaceuticals from a sell rating to a hold rating in a research note on Friday, August 11th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $50.43.
Pacira Pharmaceuticals (NASDAQ:PCRX) last announced its earnings results on Wednesday, August 2nd. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.06). Pacira Pharmaceuticals had a negative return on equity of 12.44% and a negative net margin of 23.36%. The business had revenue of $70.90 million for the quarter, compared to analyst estimates of $73.37 million. During the same quarter last year, the company posted $0.21 EPS. Pacira Pharmaceuticals’s quarterly revenue was up 1.9% on a year-over-year basis.
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In other Pacira Pharmaceuticals news, Director Paul J. Hastings sold 1,044 shares of the stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $36.15, for a total value of $37,740.60. Following the completion of the transaction, the director now directly owns 3,518 shares of the company’s stock, valued at $127,175.70. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Kristen Marie Williams sold 3,461 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $36.75, for a total transaction of $127,191.75. Following the completion of the transaction, the chief accounting officer now directly owns 21,312 shares of the company’s stock, valued at $783,216. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,390 shares of company stock valued at $1,215,480. 6.60% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of PCRX. Oppenheimer Asset Management Inc. purchased a new position in shares of Pacira Pharmaceuticals during the 2nd quarter worth approximately $114,000. Benjamin F. Edwards & Company Inc. increased its stake in shares of Pacira Pharmaceuticals by 12.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,794 shares of the company’s stock worth $133,000 after purchasing an additional 303 shares in the last quarter. FNY Partners Fund LP purchased a new position in shares of Pacira Pharmaceuticals during the 1st quarter worth approximately $136,000. Cubist Systematic Strategies LLC increased its stake in shares of Pacira Pharmaceuticals by 121.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 3,194 shares of the company’s stock worth $152,000 after purchasing an additional 1,752 shares in the last quarter. Finally, QS Investors LLC purchased a new position in shares of Pacira Pharmaceuticals during the 2nd quarter worth approximately $157,000.
About Pacira Pharmaceuticals
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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