Needham & Company LLC Cuts Heron Therapeutics (NASDAQ:HRTX) Price Target to $3.00

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 objective reduced by equities researchers at Needham & Company LLC from $4.00 to $3.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the biotechnology company's stock. Needham & Company LLC's price objective would suggest a potential upside of 121.40% from the company's previous close.

A number of other research analysts have also recently commented on HRTX. Wall Street Zen upgraded Heron Therapeutics from a "hold" rating to a "buy" rating in a research report on Friday, June 6th. HC Wainwright began coverage on Heron Therapeutics in a research report on Monday, June 9th. They issued a "buy" rating and a $6.00 target price on the stock.

Heron Therapeutics Stock Performance

Shares of NASDAQ HRTX traded up $0.05 during mid-day trading on Friday, reaching $1.36. The company had a trading volume of 1,551,788 shares, compared to its average volume of 1,668,006. Heron Therapeutics has a one year low of $1.04 and a one year high of $2.68. The firm has a market cap of $207.71 million, a price-to-earnings ratio of -67.75 and a beta of 1.15. The business's 50-day simple moving average is $1.97 and its 200 day simple moving average is $2.01.

Heron Therapeutics (NASDAQ:HRTX - Get Free Report) last issued its quarterly earnings results on Friday, August 8th. The biotechnology company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). The company had revenue of $37.20 million during the quarter, compared to the consensus estimate of $38.08 million. On average, sell-side analysts anticipate that Heron Therapeutics will post -0.13 EPS for the current year.

Insider Activity at Heron Therapeutics

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of HRTX. Russell Investments Group Ltd. bought a new stake in Heron Therapeutics in the 2nd quarter worth approximately $43,000. Jefferies Financial Group Inc. raised its holdings in shares of Heron Therapeutics by 106.7% during the second quarter. Jefferies Financial Group Inc. now owns 666,800 shares of the biotechnology company's stock valued at $1,380,000 after acquiring an additional 344,200 shares in the last quarter. Prudential Financial Inc. raised its holdings in shares of Heron Therapeutics by 231.0% during the second quarter. Prudential Financial Inc. now owns 36,465 shares of the biotechnology company's stock valued at $75,000 after acquiring an additional 25,450 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Heron Therapeutics by 29.3% during the second quarter. Rhumbline Advisers now owns 222,438 shares of the biotechnology company's stock valued at $460,000 after acquiring an additional 50,344 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Heron Therapeutics by 36.8% during the second quarter. JPMorgan Chase & Co. now owns 953,080 shares of the biotechnology company's stock valued at $1,973,000 after acquiring an additional 256,637 shares in the last quarter. Hedge funds and other institutional investors own 80.01% of the company's stock.

Heron Therapeutics Company 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.