Pacira Pharmaceuticals (PCRX) Received its Third Buy in a Row

By Ryan Adsit

After Leerink Partners and Piper Sandler gave Pacira Pharmaceuticals (NASDAQ: PCRX) a Buy rating last month, the company received another Buy, this time from Barclays. Analyst Balaji Prasad maintained a Buy rating on Pacira Pharmaceuticals yesterday and set a price target of $54.00. The company’s shares closed last Thursday at $33.71.

According to TipRanks.com, Prasad is a 1-star analyst with an average return of -9.5% and a 25.0% success rate. Prasad covers the Healthcare sector, focusing on stocks such as Teva Pharmaceutical Industries, Dr Reddy’s Laboratories, and Bausch Health Companies.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Pacira Pharmaceuticals with a $55.08 average price target, representing a 55.0% upside. In a report issued on April 7, Northland Securities also initiated coverage with a Buy rating on the stock.

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The company has a one-year high of $51.36 and a one-year low of $27.46. Currently, Pacira Pharmaceuticals has an average volume of 684.7K.

Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PCRX in relation to earlier this year. Last month, Gary Pace, a Director at PCRX bought 21,736 shares for a total of $96,845.

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Pacira Biosciences, Inc. develops and manufactures injectable therapeutic products. The firm engages in the development, commercialization and manufacture of pharmaceutical products for use in postsurgical outcomes for acute care practitioners and their patients. Its flagship product, EXPAREL, redefines pain management after surgery as an opioid-free alternative indicated for single-dose infiltration into the surgical site to produce postsurgical analgesia. The company was founded in December 2006 and is headquartered in Parsippany, NJ.