Pacira BioSciences (NASDAQ:PCRX) Shares Down 12.6% - Should You Sell?

Pacira BioSciences, Inc. (NASDAQ:PCRX - Get Free Report)'s stock price dropped 12.6% during trading on Wednesday . The company traded as low as $23.40 and last traded at $22.97. Approximately 159,013 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 952,425 shares. The stock had previously closed at $26.27.

Analysts Set New Price Targets

PCRX has been the subject of a number of analyst reports. Barclays lifted their target price on shares of Pacira BioSciences from $17.00 to $24.00 and gave the company an "overweight" rating in a research note on Friday, February 28th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $18.00 price objective on shares of Pacira BioSciences in a research note on Tuesday, January 14th. Needham & Company LLC reissued a "buy" rating and set a $32.00 target price on shares of Pacira BioSciences in a research report on Tuesday, April 8th. Truist Financial upgraded Pacira BioSciences from a "sell" rating to a "hold" rating and raised their target price for the company from $8.00 to $25.00 in a report on Thursday, January 30th. Finally, HC Wainwright upped their price target on Pacira BioSciences from $48.00 to $65.00 and gave the stock a "buy" rating in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Pacira BioSciences presently has a consensus rating of "Hold" and an average target price of $26.67.

Pacira BioSciences Stock Performance

The stock has a market cap of $1.16 billion, a P/E ratio of -12.30 and a beta of 0.71. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.89 and a current ratio of 2.25. The firm has a 50 day moving average of $24.74 and a two-hundred day moving average of $20.86.

Institutional Investors Weigh In On Pacira BioSciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sterling Capital Management LLC boosted its holdings in Pacira BioSciences by 779.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,363 shares of the company's stock valued at $26,000 after acquiring an additional 1,208 shares during the last quarter. Ancora Advisors LLC bought a new stake in shares of Pacira BioSciences in the 4th quarter valued at $26,000. Caitlin John LLC increased its position in shares of Pacira BioSciences by 1,850.0% during the fourth quarter. Caitlin John LLC now owns 1,872 shares of the company's stock worth $35,000 after buying an additional 1,776 shares during the period. Nisa Investment Advisors LLC boosted its position in Pacira BioSciences by 495.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,304 shares of the company's stock valued at $62,000 after acquiring an additional 2,749 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in Pacira BioSciences by 16.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,597 shares of the company's stock valued at $68,000 after acquiring an additional 513 shares during the last quarter. Institutional investors and hedge funds own 99.73% of the company's stock.

Pacira BioSciences Company Profile

Pacira Biosciences, Inc is a holding company, which engages in the provision of non-opioid pain management and regenerative health solutions to improve patients' journeys along the neural pain pathway. Its products include EXPAREL, iovera, and DepoFoam. The company was founded in December 2006 and is headquartered in Tampa, FL.