Heron Therapeutics (NASDAQ:HRTX) Price Target Cut to $3.00 by Analysts at Needham & Company LLC

Key Points

• Heron Therapeutics' price target was cut from $4.00 to $3.00 by analysts at Needham & Company LLC, indicating a potential upside of 126.42% from the stock's previous close.
• The biotechnology company reported earnings of ($0.02) per share for the last quarter, which was below the consensus estimate of ($0.01).
• Institutional investors and hedge funds own approximately 80.01% of Heron Therapeutics' stock, indicating strong interest from large investors.

Heron Therapeutics (NASDAQ:HRTX - Get Free Report) had its price target lowered by equities research analysts at Needham & Company LLC from $4.00 to $3.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the biotechnology company's stock. Needham & Company LLC's price target points to a potential upside of 126.42% from the company's previous close.

Other equities research analysts also recently issued reports about the company. HC Wainwright began coverage on Heron Therapeutics in a report on Monday, June 9th. They set a "buy" rating and a $6.00 price target for the company. Wall Street Zen raised Heron Therapeutics from a "hold" rating to a "buy" rating in a report on Friday, June 6th.

Heron Therapeutics Price Performance

Shares of HRTX traded down $0.52 during mid-day trading on Friday, reaching $1.33. 14,201,460 shares of the company's stock were exchanged, compared to its average volume of 1,635,231. The stock has a market capitalization of $202.15 million, a PE ratio of -22.08 and a beta of 1.15. The business's fifty day simple moving average is $2.01 and its 200-day simple moving average is $2.01. Heron Therapeutics has a 52-week low of $1.04 and a 52-week high of $2.68.

Heron Therapeutics (NASDAQ:HRTX - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The biotechnology company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Equities research analysts predict that Heron Therapeutics will post -0.13 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Richmond Brothers Inc. increased its position in Heron Therapeutics by 1.8% during the 2nd quarter. Richmond Brothers Inc. now owns 554,469 shares of the biotechnology company's stock worth $1,148,000 after purchasing an additional 9,568 shares in the last quarter. Police & Firemen s Retirement System of New Jersey increased its stake in shares of Heron Therapeutics by 53.4% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 38,352 shares of the biotechnology company's stock valued at $79,000 after acquiring an additional 13,352 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Heron Therapeutics by 14.6% during the 2nd quarter. Geode Capital Management LLC now owns 3,566,813 shares of the biotechnology company's stock valued at $7,385,000 after acquiring an additional 453,085 shares during the last quarter. ProShare Advisors LLC grew its holdings in shares of Heron Therapeutics by 23.4% during the 2nd quarter. ProShare Advisors LLC now owns 31,368 shares of the biotechnology company's stock worth $65,000 after purchasing an additional 5,953 shares during the period. Finally, Monaco Asset Management SAM grew its holdings in shares of Heron Therapeutics by 12.5% during the 2nd quarter. Monaco Asset Management SAM now owns 1,080,000 shares of the biotechnology company's stock worth $2,236,000 after purchasing an additional 120,000 shares during the period. Institutional investors and hedge funds own 80.01% of the company's stock.

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.

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