Pacira Pharmaceuticals (PCRX) Downgraded to Sell at Zacks Investment Research
Pacira Pharmaceuticals (NASDAQ:PCRX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
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.”
A number of other brokerages also recently issued reports on PCRX. Jefferies Group reduced their price target on shares of Pacira Pharmaceuticals to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 9th. Canaccord Genuity set a $42.00 price target on shares of Pacira Pharmaceuticals and gave the company a “hold” rating in a report on Wednesday, November 29th. Piper Jaffray Companies reiterated a “buy” rating and issued a $55.00 price target on shares of Pacira Pharmaceuticals in a report on Friday, October 27th. 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. Finally, HC Wainwright set a $55.00 price objective on shares of Pacira Pharmaceuticals and gave the stock a “buy” rating in a research note on Thursday, January 4th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the stock. Pacira Pharmaceuticals presently has an average rating of “Hold” and a consensus price target of $49.00.
Shares of Pacira Pharmaceuticals (PCRX) traded up $0.72 during midday trading on Tuesday, reaching $42.22. 740,152 shares of the company’s stock were exchanged, compared to its average volume of 991,294. The company has a debt-to-equity ratio of 1.03, a quick ratio of 6.24 and a current ratio of 6.99. The company has a market cap of $1,710.00, a P/E ratio of -32.23 and a beta of 2.20. Pacira Pharmaceuticals has a one year low of $29.81 and a one year high of $58.95.
Pacira Pharmaceuticals (NASDAQ:PCRX) last announced its quarterly earnings results 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 net margin of 18.25% and a negative return on equity of 13.77%. Pacira Pharmaceuticals’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.20 EPS. equities analysts anticipate that Pacira Pharmaceuticals will post -0.85 earnings per share for the current fiscal year.
In related news, SVP James B. Jones sold 850 shares of Pacira Pharmaceuticals stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $41.11, for a total transaction of $34,943.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Kristen Marie Williams sold 10,000 shares of Pacira Pharmaceuticals stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $40.00, for a total transaction of $400,000.00. Following the transaction, the chief accounting officer now directly owns 23,455 shares of the company’s stock, valued at $938,200. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 70,075 shares of company stock valued at $2,707,452. 6.60% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in PCRX. Northern Trust Corp boosted its position in Pacira Pharmaceuticals by 9.1% in the 2nd quarter. Northern Trust Corp now owns 505,529 shares of the company’s stock valued at $24,114,000 after buying an additional 42,289 shares during the period. State Street Corp boosted its position in Pacira Pharmaceuticals by 1.0% in the 2nd quarter. State Street Corp now owns 1,118,083 shares of the company’s stock valued at $53,340,000 after buying an additional 10,727 shares during the period. TIAA CREF Investment Management LLC boosted its position in Pacira Pharmaceuticals by 40.4% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 191,224 shares of the company’s stock valued at $9,121,000 after buying an additional 55,057 shares during the period. Royal Bank of Canada boosted its position in Pacira Pharmaceuticals by 20.1% in the 2nd quarter. Royal Bank of Canada now owns 340,971 shares of the company’s stock valued at $16,265,000 after buying an additional 57,149 shares during the period. Finally, Epoch Investment Partners Inc. boosted its position in Pacira Pharmaceuticals by 195.7% in the 3rd quarter. Epoch Investment Partners Inc. now owns 535,999 shares of the company’s stock valued at $20,127,000 after buying an additional 354,728 shares during the period.
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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