Zacks Investment Research upgraded shares of Pacira Pharmaceuticals (NASDAQ:PCRX) from a sell rating to a hold rating in a report issued on Tuesday, March 6th.
According to Zacks, “Pacira fourth-quarter 2017 earnings surpassed estimates while revenues were at par with them. Pacira’s top line mainly comprises contribution from its marketed product Exparel which generated sales of $282.9 million in 2017, up 6.4%. The company’s efforts to expand Exparel's label are encouraging. Pacira remains optimistic of its partnership with J&J to market and promote the use of Exparel, with their sales and medical education teams. However, the company is heavily dependent on Exparel for growth. In February 2018, the FDA’s Anesthetic and Analgesic Drug Products Advisory Committee reviewed the company’s sNDA, and voted six to four against approval of the expanded indication. We believe that this is a concern for the company. However, the company however remains confident and will keep an open dialogue with the FDA to define the best next steps for expanding the Exparel indication.”
Several other analysts have also recently commented on PCRX. Royal Bank of Canada set a $44.00 target price on Pacira Pharmaceuticals and gave the stock a buy rating in a report on Thursday, March 1st. HC Wainwright set a $45.00 target price on Pacira Pharmaceuticals and gave the company a buy rating in a research note on Thursday, March 1st. Oppenheimer reaffirmed a hold rating on shares of Pacira Pharmaceuticals in a research report on Thursday, March 1st. BMO Capital Markets decreased their price objective on Pacira Pharmaceuticals from $32.00 to $31.00 and set a market perform rating for the company in a report on Thursday, March 1st. Finally, Canaccord Genuity set a $42.00 price target on Pacira Pharmaceuticals and gave the company a hold rating in a research note on Friday, December 29th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $45.29.
Pacira Pharmaceuticals (NASDAQ:PCRX) last issued its earnings results on Wednesday, February 28th. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.46. Pacira Pharmaceuticals had a negative return on equity of 8.55% and a negative net margin of 14.87%. The business had revenue of $79.08 million during the quarter, compared to analyst estimates of $79.06 million. During the same period in the prior year, the company posted $0.09 earnings per share. Pacira Pharmaceuticals’s revenue was up 8.5% on a year-over-year basis. analysts anticipate that Pacira Pharmaceuticals will post -0.79 EPS for the current fiscal year.
In other news, CEO David M. Stack sold 28,885 shares of the stock in a transaction that occurred on Wednesday, January 10th. The stock was sold at an average price of $40.19, for a total value of $1,160,888.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 6.60% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. First Republic Investment Management Inc. bought a new position in Pacira Pharmaceuticals during the fourth quarter valued at $201,000. Spectrum Management Group Inc. bought a new position in Pacira Pharmaceuticals during the third quarter valued at $166,000. Bouchey Financial Group Ltd bought a new position in Pacira Pharmaceuticals during the fourth quarter valued at $205,000. Twin Focus Capital Partners LLC bought a new position in Pacira Pharmaceuticals during the fourth quarter valued at $206,000. Finally, Redmile Group LLC purchased a new stake in shares of Pacira Pharmaceuticals during the fourth quarter worth $237,000.
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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