In a recent transaction disclosed with the Securities and Exchange Commission, Lauren Riker, Senior Vice President of Finance at Pacira BioSciences, Inc. (NASDAQ:PCRX), sold 3,970 shares of the company's common stock. The transaction, which took place on June 12, 2024, was valued at over $114,000, with the shares sold at a weighted average price of $28.72. The sale was conducted under a pre-arranged 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for buying and selling shares.
Investors tracking insider transactions at Pacira BioSciences will note that the shares were sold in multiple transactions at prices ranging from $28.33 to $29.32. Following the sale, Riker's direct ownership in the company stands at 38,075.335 shares of common stock.
In addition to the sale, Riker also acquired 21,360 restricted stock units (RSUs) that are set to vest in four equal annual installments beginning June 3, 2025, contingent on continuous service with the issuer. These RSUs represent the right to receive shares of common stock in the future and are a common form of compensation for executives and employees.
The recent transactions provide a glimpse into the trading activities of Pacira BioSciences' executives and may be of interest to current and potential investors. The company, which is incorporated in Delaware and headquartered in Tampa, Florida, operates within the pharmaceutical preparations industry and is known for its contributions to non-opioid pain management.
In other recent news, Pacira BioSciences has disclosed several developments. The company announced the retirement of Dr. Gary Pace from its Board of Directors, effective June 30, 2024, with no disagreements cited. The board election results saw Laura Brege, Mark Froimson, Mark Kronenfeld, and Michael Yang securing their positions. Pacira also reported Q1 2024 revenue of $149 million, slightly below consensus estimates, with Exparel sales at $118 million.
The company made significant moves in its financial structure, launching a private placement of $250 million in convertible senior notes due in 2029, with net proceeds of approximately $242 million expected. It also plans to repurchase a portion of its 0.750% Convertible Senior Notes due 2025 and up to $50 million of its common stock.
Analysts from firms including RBC Capital Markets, Barclays (LON:BARC), and JMP Securities have given Pacira various ratings, with price targets ranging from $38.00 to $57.00. Piper Sandler reaffirmed an Overweight rating with a $42.00 price target, while Needham maintained a Buy rating but lowered the price target to $43 from $45 following Pacira's Q1 revenue report. These are recent developments and do not predict future outcomes for Pacira BioSciences.
InvestingPro Insights
Pacira BioSciences, Inc. (NASDAQ:PCRX) has been the subject of notable insider trading activity, but what does the broader financial picture tell us? According to InvestingPro, the company's net income is expected to grow this year, which aligns with the positive outlook that analysts have for the company's profitability. This is further supported by the fact that Pacira has been profitable over the last twelve months as of Q1 2023.
A key metric to consider is the company's Price/Earnings (P/E) Ratio, which currently stands at 18.64. This ratio suggests that investors are willing to pay $18.64 for every dollar of earnings, which is a measure of the market's expectations of the company's future financial performance. Additionally, the company's strong free cash flow yield, as implied by its valuation, indicates that it may have more flexibility for future investments or shareholder returns.
InvestingPro Data also shows that Pacira has a Gross Profit Margin of 61.97% for the last twelve months as of Q1 2023, which is indicative of the company's ability to manage its production costs effectively relative to its sales. Moreover, with liquid assets exceeding short-term obligations, the company appears to have a solid liquidity position.
It's worth noting that Pacira does not pay a dividend to shareholders, suggesting that it may be reinvesting its earnings back into the company to fuel further growth.
Investors considering Pacira BioSciences as a potential addition to their portfolio may find these insights particularly relevant, especially when evaluating the company's financial health and future prospects. For additional insights, there are six more InvestingPro Tips available for Pacira BioSciences, which can be accessed with the promo code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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