Monaco Asset Management SAM Reduces Stake in Heron Therapeutics, Inc. (NASDAQ:HRTX)

Key Points

• Monaco Asset Management SAM has reduced its holdings in Heron Therapeutics, Inc. by 20.8%, now owning 960,000 shares valued at approximately $2.1 million.
• Several hedge funds have increased their positions in Heron Therapeutics, with Palisade Capital Management LP boosting its stake by 34.7% during the same quarter.
• Heron Therapeutics reported a quarterly earnings per share of $0.01, surpassing analysts' expectations, and expects a projected EPS of -0.13 for the current year.

Monaco Asset Management SAM lessened its position in Heron Therapeutics, Inc. (NASDAQ:HRTX - Free Report) by 20.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 960,000 shares of the biotechnology company's stock after selling 252,743 shares during the period. Heron Therapeutics comprises about 0.4% of Monaco Asset Management SAM's portfolio, making the stock its 24th largest holding. Monaco Asset Management SAM owned 0.63% of Heron Therapeutics worth $2,112,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of HRTX. Palisade Capital Management LP boosted its stake in shares of Heron Therapeutics by 34.7% in the 1st quarter. Palisade Capital Management LP now owns 5,286,931 shares of the biotechnology company's stock valued at $11,631,000 after purchasing an additional 1,360,542 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in Heron Therapeutics during the fourth quarter worth $4,706,000. AIGH Capital Management LLC purchased a new stake in shares of Heron Therapeutics in the first quarter valued at about $6,112,000. Tang Capital Management LLC raised its holdings in shares of Heron Therapeutics by 15.7% in the fourth quarter. Tang Capital Management LLC now owns 2,140,271 shares of the biotechnology company's stock valued at $3,275,000 after purchasing an additional 290,271 shares during the last quarter. Finally, New York State Common Retirement Fund grew its position in Heron Therapeutics by 32.7% during the first quarter. New York State Common Retirement Fund now owns 1,752,924 shares of the biotechnology company's stock valued at $3,856,000 after buying an additional 431,918 shares during the period. Institutional investors own 80.01% of the company's stock.

Analysts Set New Price Targets

HRTX has been the subject of a number of analyst reports. HC Wainwright assumed coverage on shares of Heron Therapeutics in a research report on Monday, June 9th. They issued a "buy" rating and a $6.00 price objective for the company. Wall Street Zen raised shares of Heron Therapeutics from a "hold" rating to a "buy" rating in a research note on Friday, June 6th. Finally, Needham & Company LLC reissued a "buy" rating and set a $4.00 price target on shares of Heron Therapeutics in a research note on Friday, April 11th.

Heron Therapeutics Stock Performance

HRTX traded down $0.06 during trading on Wednesday, reaching $1.79. 846,970 shares of the company traded hands, compared to its average volume of 983,645. Heron Therapeutics, Inc. has a 12-month low of $1.04 and a 12-month high of $3.01. The firm has a fifty day simple moving average of $2.02 and a 200 day simple moving average of $2.01. The company has a market cap of $273.08 million, a P/E ratio of -29.83 and a beta of 1.18.

Heron Therapeutics (NASDAQ:HRTX - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The biotechnology company reported $0.01 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.01) by $0.02. The company had revenue of $38.90 million during the quarter, compared to the consensus estimate of $37.08 million. As a group, sell-side analysts expect that Heron Therapeutics, Inc. will post -0.13 earnings per share for the current fiscal year.

About Heron Therapeutics

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.