Clearline Capital LP Sells 750,572 Shares of Heron Therapeutics, Inc. $HRTX

Key Points

• Clearline Capital LP reduced its stake in Heron Therapeutics, Inc. by 41.5% during the 1st quarter, owning 1,059,911 shares after selling 750,572 shares.
• Heron Therapeutics reported a quarterly loss, missing EPS estimates, and had revenue of $37.20 million for the quarter, which was below the analysts’ consensus of $38.08 million.
• Recent insider activity includes Director Adam Morgan acquiring 1.77 million shares and Rubric Capital Management purchasing 2.39 million shares, indicating increased confidence in the company's stock.

Clearline Capital LP cut its holdings in shares of Heron Therapeutics, Inc. (NASDAQ:HRTX - Free Report) by 41.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,059,911 shares of the biotechnology company's stock after selling 750,572 shares during the period. Clearline Capital LP owned about 0.69% of Heron Therapeutics worth $2,332,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in HRTX. Wells Fargo & Company MN lifted its stake in Heron Therapeutics by 22.2% during the fourth quarter. Wells Fargo & Company MN now owns 74,763 shares of the biotechnology company's stock worth $114,000 after purchasing an additional 13,568 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Heron Therapeutics during the fourth quarter worth $208,000. Barclays PLC lifted its stake in Heron Therapeutics by 10.5% during the fourth quarter. Barclays PLC now owns 241,346 shares of the biotechnology company's stock worth $370,000 after purchasing an additional 22,891 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Heron Therapeutics by 23.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 46,179 shares of the biotechnology company's stock worth $71,000 after purchasing an additional 8,684 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Heron Therapeutics by 2.2% in the 4th quarter. Northern Trust Corp now owns 1,011,756 shares of the biotechnology company's stock valued at $1,548,000 after acquiring an additional 21,769 shares during the last quarter. 80.01% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Adam Morgan bought 1,766,546 shares of Heron Therapeutics stock in a transaction dated Friday, August 8th. The stock was bought at an average cost of $1.50 per share, for a total transaction of $2,649,819.00. Following the purchase, the director directly owned 8,753,290 shares in the company, valued at approximately $13,129,935. This represents a 25.28% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Rubric Capital Management Lp bought 2,387,225 shares of Heron Therapeutics stock in a transaction dated Friday, August 8th. The stock was purchased at an average price of $1.50 per share, with a total value of $3,580,837.50. Following the completion of the purchase, the insider owned 29,100,728 shares in the company, valued at $43,651,092. This trade represents a 8.94% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 5.86% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on HRTX. HC Wainwright began coverage on Heron Therapeutics in a research note on Monday, June 9th. They issued a "buy" rating and a $6.00 price target for the company. Needham & Company LLC dropped their price target on Heron Therapeutics from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Wall Street Zen downgraded Heron Therapeutics from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Zacks Research upgraded Heron Therapeutics to a "strong sell" rating in a report on Tuesday, August 12th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $4.50.

Heron Therapeutics Price Performance

Shares of HRTX traded down $0.02 during trading hours on Friday, hitting $1.26. The stock had a trading volume of 1,398,786 shares, compared to its average volume of 1,460,140. The firm has a 50 day simple moving average of $1.63 and a 200-day simple moving average of $1.94. The firm has a market capitalization of $230.98 million, a P/E ratio of -63.00 and a beta of 1.22. Heron Therapeutics, Inc. has a 1-year low of $1.04 and a 1-year high of $2.68.

Heron Therapeutics (NASDAQ:HRTX - Get Free Report) last issued its earnings results on Friday, August 8th. The biotechnology company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $37.20 million during the quarter, compared to the consensus estimate of $38.08 million. Heron Therapeutics has set its FY 2025 guidance at EPS. Equities analysts predict that Heron Therapeutics, Inc. will post -0.13 EPS for the current fiscal year.

Heron Therapeutics Profile

Heron Therapeutics, Inc, a commercial-stage biotechnology company, focuses on enhancing the lives of patients by developing and commercializing therapeutic that enhances medical care. The company's product candidates utilize its proprietary Biochronomer, a drug delivery technology, which delivers therapeutic levels of a range of short-acting pharmacological agents over a period from days to weeks with a single administration.