Heron Therapeutics (NASDAQ:HRTX) Lowered to Hold Rating by Wall Street Zen

Key Points

• Wall Street Zen has downgraded Heron Therapeutics from a "buy" to a "hold" rating, indicating a shift in outlook for the company.
• Shares of Heron Therapeutics opened at $1.32, with a market capitalization of $201.38 million, reflecting its challenges in the current financial landscape.
• Heron Therapeutics missed earnings estimates, reporting a loss of ($0.02) EPS for the last quarter, which could impact investor confidence.

Heron Therapeutics (NASDAQ:HRTX - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Saturday.

Several other analysts also recently commented on the company. HC Wainwright began coverage on Heron Therapeutics in a research note on Monday, June 9th. They issued a "buy" rating and a $6.00 target price for the company. Needham & Company LLC reduced their target price on Heron Therapeutics from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Friday, August 8th.

Heron Therapeutics Stock Up 1.9%

Heron Therapeutics stock traded up $0.03 during trading hours on Friday, reaching $1.34. 2,026,585 shares of the company's stock were exchanged, compared to its average volume of 1,670,918. The firm's 50 day simple moving average is $1.97 and its 200 day simple moving average is $2.01. Heron Therapeutics has a twelve month low of $1.04 and a twelve month high of $2.68. The firm has a market capitalization of $204.64 million, a PE ratio of -66.75 and a beta of 1.15.

Heron Therapeutics (NASDAQ:HRTX - Get Free Report) last issued 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 during the quarter, compared to analysts' expectations of $38.08 million. Analysts anticipate that Heron Therapeutics will post -0.13 EPS for the current year.

Insider Transactions at Heron Therapeutics

In related news, Director Adam Morgan purchased 1,766,546 shares of the business's stock in a transaction 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 purchase, the director owned 8,753,290 shares of the company's stock, valued at approximately $13,129,935. This trade represents a 25.28% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Rubric Capital Management Lp purchased 2,387,225 shares of the business's stock in a transaction on Friday, August 8th. The shares were bought 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 approximately $43,651,092. The trade was 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 Investors Weigh In On Heron Therapeutics

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Heron Therapeutics by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 8,225,585 shares of the biotechnology company's stock worth $18,096,000 after purchasing an additional 67,976 shares during the period. Palisade Capital Management LP raised its holdings in shares of Heron Therapeutics by 34.7% in the 1st quarter. Palisade Capital Management LP now owns 5,286,931 shares of the biotechnology company's stock worth $11,631,000 after purchasing an additional 1,360,542 shares during the period. Geode Capital Management LLC raised its holdings in shares of Heron Therapeutics by 14.6% in the 2nd quarter. Geode Capital Management LLC now owns 3,566,813 shares of the biotechnology company's stock worth $7,385,000 after purchasing an additional 453,085 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Heron Therapeutics in the 4th quarter worth approximately $4,706,000. Finally, AIGH Capital Management LLC raised its holdings in shares of Heron Therapeutics by 8.3% in the 2nd quarter. AIGH Capital Management LLC now owns 3,009,257 shares of the biotechnology company's stock worth $6,229,000 after purchasing an additional 231,057 shares during the period. 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.