Pacira Pharmaceuticals (NASDAQ:PCRX) Cut to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Pacira Pharmaceuticals (NASDAQ:PCRX) from a hold rating to a sell rating in a research report sent to investors on Tuesday, January 9th.

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.”

Several other research analysts have also issued reports on PCRX. Goldman Sachs Group began coverage on shares of Pacira Pharmaceuticals in a research note on Thursday, September 28th. They set a neutral rating and a $41.00 target price on the stock. Canaccord Genuity restated a buy rating and set a $44.00 price objective (down previously from $48.00) on shares of Pacira Pharmaceuticals in a report on Sunday, October 1st. Needham & Company LLC restated a buy rating on shares of Pacira Pharmaceuticals in a report on Tuesday, September 26th. HC Wainwright restated a buy rating and set a $52.00 price objective on shares of Pacira Pharmaceuticals in a report on Thursday, November 9th. Finally, BidaskClub downgraded shares of Pacira Pharmaceuticals from a buy rating to a hold rating in a report on Saturday, January 6th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company’s stock. Pacira Pharmaceuticals presently has an average rating of Hold and a consensus price target of $48.82.

Shares of Pacira Pharmaceuticals (PCRX) opened at $38.50 on Tuesday. 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 1-year low of $29.81 and a 1-year high of $58.95.

Pacira Pharmaceuticals (NASDAQ:PCRX) last posted its quarterly earnings data on Wednesday, November 8th. The company reported $0.11 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.15. The company had revenue of $67.30 million for the quarter, compared to analyst estimates of $68.99 million. Pacira Pharmaceuticals had a negative net margin of 18.25% and a negative return on equity of 13.77%. The company’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.20 EPS. analysts expect that Pacira Pharmaceuticals will post -0.86 earnings per share for the current year.

In other news, CEO David M. Stack sold 28,885 shares of the firm’s stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $40.19, for a total value of $1,160,888.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP James B. Jones sold 850 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $41.11, for a total transaction of $34,943.50. The disclosure for this sale can be found here. Insiders sold 98,960 shares of company stock valued at $3,868,341 over the last 90 days. 6.60% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Northern Trust Corp raised its stake in Pacira Pharmaceuticals by 9.1% in the second quarter. Northern Trust Corp now owns 505,529 shares of the company’s stock valued at $24,114,000 after purchasing an additional 42,289 shares in the last quarter. State Street Corp raised its stake in Pacira Pharmaceuticals by 1.0% in the second quarter. State Street Corp now owns 1,118,083 shares of the company’s stock valued at $53,340,000 after purchasing an additional 10,727 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake in Pacira Pharmaceuticals by 40.4% in the second quarter. TIAA CREF Investment Management LLC now owns 191,224 shares of the company’s stock valued at $9,121,000 after purchasing an additional 55,057 shares in the last quarter. Royal Bank of Canada raised its stake in Pacira Pharmaceuticals by 20.1% in the second quarter. Royal Bank of Canada now owns 340,971 shares of the company’s stock valued at $16,265,000 after purchasing an additional 57,149 shares in the last quarter. Finally, Epoch Investment Partners Inc. raised its stake in Pacira Pharmaceuticals by 195.7% in the third quarter. Epoch Investment Partners Inc. now owns 535,999 shares of the company’s stock valued at $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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