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Heron Therapeutics (NASDAQ:HRTX) Shares Gap Down Following Analyst Downgrade

Posted on Tuesday, June 30th, 2020 by MarketBeat

Heron Therapeutics Inc (NASDAQ:HRTX)'s share price gapped down before the market opened on Tuesday after SVB Leerink lowered their price target on the stock from $26.00 to $19.00. The stock had previously closed at $15.62, but opened at $14.26. SVB Leerink currently has an outperform rating on the stock. Heron Therapeutics shares last traded at $14.65, with a volume of 123,670 shares changing hands.

HRTX has been the subject of several other research reports. BidaskClub upgraded Heron Therapeutics from a "sell" rating to a "hold" rating in a research note on Tuesday, June 23rd. Stifel Nicolaus initiated coverage on Heron Therapeutics in a research note on Monday. They issued a "buy" rating and a $21.00 price objective for the company. FIX assumed coverage on Heron Therapeutics in a research note on Monday, May 18th. They issued an "add" rating for the company. Needham & Company LLC restated a "buy" rating and set a $44.00 target price on shares of Heron Therapeutics in a research note on Wednesday, April 15th. Finally, Guggenheim assumed coverage on Heron Therapeutics in a research note on Tuesday, May 26th. They set a "buy" rating and a $24.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. The company currently has an average rating of "Buy" and a consensus target price of $36.10.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sowell Financial Services LLC increased its holdings in shares of Heron Therapeutics by 2,443.5% in the first quarter. Sowell Financial Services LLC now owns 2,340 shares of the biotechnology company's stock valued at $27,000 after purchasing an additional 2,248 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Heron Therapeutics by 325.6% in the first quarter. PNC Financial Services Group Inc. now owns 2,698 shares of the biotechnology company's stock valued at $32,000 after purchasing an additional 2,064 shares during the period. Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of Heron Therapeutics by 259.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,579 shares of the biotechnology company's stock valued at $60,000 after purchasing an additional 1,862 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Heron Therapeutics by 82.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,896 shares of the biotechnology company's stock valued at $116,000 after purchasing an additional 4,463 shares during the period. Finally, X Square Capital LLC acquired a new position in shares of Heron Therapeutics in the first quarter valued at approximately $117,000.

The firm has a market cap of $1.80 billion, a price-to-earnings ratio of -6.37 and a beta of 1.55. The company has a quick ratio of 4.17, a current ratio of 4.53 and a debt-to-equity ratio of 0.05. The stock has a fifty day moving average price of $18.34 and a 200-day moving average price of $18.55.

Heron Therapeutics (NASDAQ:HRTX) last released its earnings results on Wednesday, May 6th. The biotechnology company reported ($0.57) earnings per share (EPS) for the quarter, beating the Zacks' consensus estimate of ($0.65) by $0.08. The business had revenue of $25.40 million for the quarter, compared to analyst estimates of $21.23 million. Heron Therapeutics had a negative return on equity of 56.85% and a negative net margin of 138.31%. The company's revenue for the quarter was down 19.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.80) earnings per share. As a group, research analysts expect that Heron Therapeutics Inc will post -2.33 earnings per share for the current year.

About Heron Therapeutics (NASDAQ:HRTX)

Heron Therapeutics, Inc, a biotechnology company, engages in developing treatments to address unmet medical needs. The company's product candidates utilize its proprietary Biochronomer 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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