Why Pacira Biosciences Stock Sank Today

Shares of Pacira BioSciences (NASDAQ: PCRX) were sinking 12.7% as of 3:33 p.m. EDT on Monday. The decline came after the company announced that eVenus Pharmaceutical Laboratories is seeking Food and Drug Administration approval for a generic version of non-opioid pain drug Exparel.

The possibility of generic competition for Exparel presents a key challenge for Pacira. In the second quarter, the drug generated $130.1 million of the company's total $135.6 million in sales. It's not surprising, therefore, that the pharma stock took a big hit today.

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Source Fool.com