Heron Therapeutics, Inc. (NASDAQ:HRTX) Major Shareholder Rubric Capital Management Lp Purchases 2,387,225 Shares

Key Points

• Rubric Capital Management Lp, a major shareholder, bought 2,387,225 shares of Heron Therapeutics at an average price of $1.50, increasing their ownership by 8.94%.
• Heron Therapeutics reported a quarterly earnings miss with an EPS of ($0.02), falling short of the consensus estimate by ($0.01).
• Analysts have mixed views on HRTX, with price targets ranging from $3.00 to $6.00, and ratings varying from "buy" to "hold."

Heron Therapeutics, Inc. (NASDAQ:HRTX - Get Free Report) major shareholder Rubric Capital Management Lp bought 2,387,225 shares of the business's stock in a transaction on Friday, August 8th. The shares were acquired at an average cost of $1.50 per share, for a total transaction 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 represents a 8.94% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Major shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.

Heron Therapeutics Price Performance

HRTX traded down $0.02 during trading on Friday, reaching $1.33. 1,780,279 shares of the stock traded hands, compared to its average volume of 2,119,901. The stock has a market cap of $203.88 million, a price-to-earnings ratio of -66.50 and a beta of 1.15. Heron Therapeutics, Inc. has a fifty-two week low of $1.04 and a fifty-two week high of $2.68. The stock's 50-day simple moving average is $1.93 and its two-hundred day simple moving average is $2.00.

Heron Therapeutics (NASDAQ:HRTX - Get Free Report) last released its quarterly earnings data on Friday, August 8th. The biotechnology company reported ($0.02) earnings per share (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 analysts' expectations of $38.08 million. Research analysts anticipate that Heron Therapeutics, Inc. will post -0.13 earnings per share for the current fiscal year.

Institutional Trading of Heron Therapeutics

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Heron Therapeutics by 0.8% during the first quarter. Vanguard Group Inc. now owns 8,225,585 shares of the biotechnology company's stock valued at $18,096,000 after purchasing an additional 67,976 shares during the last quarter. Palisade Capital Management LP lifted its position in shares of Heron Therapeutics by 34.7% in the first quarter. Palisade Capital Management LP now owns 5,286,931 shares of the biotechnology company's stock worth $11,631,000 after buying an additional 1,360,542 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Heron Therapeutics by 14.6% in the second quarter. Geode Capital Management LLC now owns 3,566,813 shares of the biotechnology company's stock worth $7,385,000 after buying an additional 453,085 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Heron Therapeutics in the fourth quarter worth about $4,706,000. Finally, AIGH Capital Management LLC lifted its position in shares of Heron Therapeutics by 8.3% in the second quarter. AIGH Capital Management LLC now owns 3,009,257 shares of the biotechnology company's stock worth $6,229,000 after buying an additional 231,057 shares during the last quarter. Institutional investors and hedge funds own 80.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on HRTX shares. HC Wainwright started coverage on Heron Therapeutics in a research report on Monday, June 9th. They set a "buy" rating and a $6.00 price target on the stock. Wall Street Zen cut Heron Therapeutics from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Needham & Company LLC decreased their target price on Heron Therapeutics from $4.00 to $3.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Finally, Zacks Research upgraded Heron Therapeutics to a "strong sell" rating in a report on Tuesday, August 12th.

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.