Insider Buying: Heron Therapeutics, Inc. (NASDAQ:HRTX) Director Purchases 1,766,546 Shares of Stock

Key Points

• Heron Therapeutics Director Adam Morgan purchased 1,766,546 shares of stock at $1.50 each, increasing his ownership by 25.28% to a total of 8,753,290 shares.
• The company reported (-$0.02) earnings per share for the last quarter, missing estimates, with revenue of $37.20 million against the expected $38.08 million.
• Heron Therapeutics has recently seen a significant increase in institutional investment, with a number of firms boosting their stakes in the company during the second quarter.

Heron Therapeutics, Inc. (NASDAQ:HRTX - Get Free Report) Director Adam Morgan purchased 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, with a total value of $2,649,819.00. Following the completion of the transaction, the director directly owned 8,753,290 shares of the company's stock, valued at $13,129,935. This represents a 25.28% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Heron Therapeutics Price Performance

Shares of Heron Therapeutics stock traded up $0.03 during midday trading on Tuesday, hitting $1.31. The company had a trading volume of 2,555,620 shares, compared to its average volume of 1,668,264. The business's 50 day simple moving average is $1.98 and its two-hundred day simple moving average is $2.01. The stock has a market cap of $199.85 million, a PE ratio of -65.50 and a beta of 1.15. 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 posted its quarterly earnings results on Friday, August 8th. The biotechnology company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). The business had revenue of $37.20 million for the quarter, compared to analysts' expectations of $38.08 million. On average, sell-side analysts expect that Heron Therapeutics, Inc. will post -0.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Heron Therapeutics

A number of institutional investors have recently bought and sold shares of the business. Jefferies Financial Group Inc. boosted its stake in shares of Heron Therapeutics by 106.7% in the 2nd quarter. Jefferies Financial Group Inc. now owns 666,800 shares of the biotechnology company's stock valued at $1,380,000 after purchasing an additional 344,200 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of Heron Therapeutics by 231.0% in the 2nd quarter. Prudential Financial Inc. now owns 36,465 shares of the biotechnology company's stock valued at $75,000 after purchasing an additional 25,450 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Heron Therapeutics by 29.3% in the second quarter. Rhumbline Advisers now owns 222,438 shares of the biotechnology company's stock valued at $460,000 after buying an additional 50,344 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Heron Therapeutics by 36.8% in the second quarter. JPMorgan Chase & Co. now owns 953,080 shares of the biotechnology company's stock valued at $1,973,000 after buying an additional 256,637 shares during the last quarter. Finally, Intech Investment Management LLC raised its holdings in shares of Heron Therapeutics by 16.9% in the second quarter. Intech Investment Management LLC now owns 94,811 shares of the biotechnology company's stock valued at $196,000 after buying an additional 13,725 shares during the last quarter. Institutional investors and hedge funds own 80.01% of the company's stock.

Analyst Upgrades and Downgrades

HRTX has been the topic of several analyst reports. Needham & Company LLC lowered their price target on Heron Therapeutics from $4.00 to $3.00 and set a "buy" rating on the stock in a report on Friday. HC Wainwright initiated coverage on Heron Therapeutics in a report on Monday, June 9th. They set a "buy" rating and a $6.00 price target on the stock. Finally, Wall Street Zen downgraded Heron Therapeutics from a "buy" rating to a "hold" rating in a report on Saturday.

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.

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