Citigroup Inc. Increases Stock Position in Heron Therapeutics, Inc. $HRTX

Key Points

• Citigroup boosted its stake in Heron Therapeutics by 4,666.9% in Q3, adding 2,424,576 shares to hold 2,476,529 shares (about 1.35% of the company) worth roughly $3.12 million.
• Heron shares opened at $1.02 and were trading down 9.7%, with a market cap of $192.3M, a 1‑year range of $1.00–$2.61, high leverage (debt/equity 10.59) and a negative P/E.
• Analyst coverage is mixed (average rating "Hold", average target $4.50) while the company slightly beat the quarter with EPS of ($0.02) vs. ($0.03) expected and revenue of $40.6M vs. $39.5M consensus.

Citigroup Inc. boosted its position in Heron Therapeutics, Inc. (NASDAQ:HRTX - Free Report) by 4,666.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,476,529 shares of the biotechnology company's stock after acquiring an additional 2,424,576 shares during the period. Citigroup Inc. owned 1.35% of Heron Therapeutics worth $3,120,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Tejara Capital Ltd boosted its holdings in shares of Heron Therapeutics by 1.6% during the third quarter. Tejara Capital Ltd now owns 4,589,715 shares of the biotechnology company's stock worth $5,783,000 after purchasing an additional 72,300 shares during the period. Geode Capital Management LLC lifted its holdings in Heron Therapeutics by 14.6% in the 2nd quarter. Geode Capital Management LLC now owns 3,566,813 shares of the biotechnology company's stock worth $7,385,000 after buying an additional 453,085 shares during the period. JW Asset Management LLC lifted its holdings in Heron Therapeutics by 40.8% in the 3rd quarter. JW Asset Management LLC now owns 3,292,633 shares of the biotechnology company's stock worth $4,149,000 after buying an additional 954,890 shares during the period. Marshall Wace LLP grew its position in shares of Heron Therapeutics by 130.7% in the 2nd quarter. Marshall Wace LLP now owns 2,894,072 shares of the biotechnology company's stock worth $5,991,000 after buying an additional 1,639,376 shares during the last quarter. Finally, Congress Park Capital LLC raised its holdings in shares of Heron Therapeutics by 27.4% during the third quarter. Congress Park Capital LLC now owns 2,890,157 shares of the biotechnology company's stock valued at $3,642,000 after acquiring an additional 621,908 shares in the last quarter. Hedge funds and other institutional investors own 80.01% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Zacks Research cut shares of Heron Therapeutics from a "hold" rating to a "strong sell" rating in a report on Thursday, February 26th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Heron Therapeutics in a research note on Thursday, January 22nd. Finally, HC Wainwright reiterated a "buy" rating and set a $6.00 price target on shares of Heron Therapeutics in a research report on Friday, January 9th. Three analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Heron Therapeutics has an average rating of "Hold" and an average target price of $4.50.

Heron Therapeutics Trading Down 9.7%

Shares of NASDAQ HRTX opened at $1.02 on Friday. Heron Therapeutics, Inc. has a 1 year low of $1.00 and a 1 year high of $2.61. The company has a debt-to-equity ratio of 10.59, a current ratio of 2.48 and a quick ratio of 1.51. The firm has a 50-day moving average of $1.29 and a 200 day moving average of $1.26. The stock has a market cap of $192.31 million, a P/E ratio of -7.85 and a beta of 1.26.

Heron Therapeutics (NASDAQ:HRTX - Get Free Report) last announced its earnings results on Thursday, February 26th. The biotechnology company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.03) by $0.01. The business had revenue of $40.59 million for the quarter, compared to the consensus estimate of $39.53 million. As a group, sell-side analysts expect that Heron Therapeutics, Inc. will post -0.13 EPS for the current fiscal year.

Heron Therapeutics Profile

Heron Therapeutics, Inc is a commercial-stage biotechnology company focused on developing and commercializing therapies in pain management and supportive care for patients undergoing medical and surgical procedures. The company's research is dedicated to addressing unmet needs in oncology supportive care and post-operative pain management through innovative drug formulations designed to improve patient outcomes and reduce reliance on opioids.

Heron's first approved therapy, SUSTOL (granisetron) extended-release injection, received U.S.

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