Pacira Biosciences Inc (NASDAQ:PCRX) Sees Large Drop in Short Interest

Pacira Biosciences Inc (NASDAQ:PCRX) was the target of a large decrease in short interest in November. As of November 29th, there was short interest totalling 3,940,000 shares, a decrease of 10.5% from the November 14th total of 4,400,000 shares. Based on an average trading volume of 730,300 shares, the days-to-cover ratio is presently 5.4 days. Currently, 9.8% of the company’s stock are short sold.

Shares of Pacira Biosciences stock traded up $0.17 on Friday, hitting $45.68. The stock had a trading volume of 460,219 shares, compared to its average volume of 479,522. Pacira Biosciences has a 52-week low of $34.64 and a 52-week high of $49.50. The company has a current ratio of 3.95, a quick ratio of 3.32 and a debt-to-equity ratio of 0.98. The stock has a market cap of $1.90 billion, a price-to-earnings ratio of 56.19, a P/E/G ratio of 2.04 and a beta of 1.17. The company’s 50 day moving average price is $43.60 and its 200 day moving average price is $41.29.

Pacira Biosciences (NASDAQ:PCRX) last posted its earnings results on Thursday, November 7th. The company reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.35. Pacira Biosciences had a return on equity of 10.19% and a net margin of 0.55%. The business had revenue of $104.69 million during the quarter, compared to the consensus estimate of $104.88 million. During the same period in the previous year, the business earned $0.31 EPS. The business’s quarterly revenue was up 25.5% on a year-over-year basis. Analysts predict that Pacira Biosciences will post 0.71 EPS for the current fiscal year.

In other news, CEO David M. Stack sold 70,000 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $44.47, for a total transaction of $3,112,900.00. Also, VP Lauren Bullaro Riker sold 5,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $43.59, for a total value of $217,950.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 77,476 shares of company stock valued at $3,442,728. Insiders own 5.80% of the company’s stock.

Several institutional investors have recently bought and sold shares of PCRX. Smith Asset Management Group LP raised its stake in Pacira Biosciences by 181.2% during the 2nd quarter. Smith Asset Management Group LP now owns 27,131 shares of the company’s stock valued at $1,180,000 after acquiring an additional 17,481 shares during the last quarter. DekaBank Deutsche Girozentrale raised its stake in Pacira Biosciences by 156.1% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 52,630 shares of the company’s stock valued at $2,313,000 after acquiring an additional 32,082 shares during the last quarter. Pictet Asset Management Ltd. raised its stake in Pacira Biosciences by 10.0% during the 3rd quarter. Pictet Asset Management Ltd. now owns 276,950 shares of the company’s stock valued at $10,543,000 after acquiring an additional 25,200 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in Pacira Biosciences by 414.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,436 shares of the company’s stock valued at $63,000 after acquiring an additional 1,157 shares during the last quarter. Finally, Spyglass Capital Management LLC raised its stake in Pacira Biosciences by 59.3% during the 2nd quarter. Spyglass Capital Management LLC now owns 379,609 shares of the company’s stock valued at $16,509,000 after acquiring an additional 141,282 shares during the last quarter. 99.13% of the stock is owned by institutional investors and hedge funds.

Several research firms have recently issued reports on PCRX. BTIG Research began coverage on Pacira Biosciences in a research report on Wednesday, November 6th. They set a “buy” rating and a $56.00 price objective for the company. BidaskClub cut Pacira Biosciences from a “buy” rating to a “hold” rating in a research report on Friday. Needham & Company LLC reissued a “buy” rating and issued a $56.00 target price on shares of Pacira Biosciences in a report on Thursday, November 7th. Barclays boosted their target price on Pacira Biosciences from $52.00 to $55.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, Cowen reissued a “hold” rating and issued a $41.00 target price on shares of Pacira Biosciences in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $52.55.

About Pacira Biosciences

Pacira BioSciences, Inc provides non-opioid pain management and regenerative health solutions for health care practitioners and their patients in the United States. The company develops products based on its proprietary DepoFoam product delivery technology that encapsulates drugs without altering their molecular structure.

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