Heron Therapeutics Inc (NASDAQ:HRTX) announced that the U.S. Food and Drug Administration (FDA) has provided the Company with an update on its review of the New Drug Application (NDA) for SUSTOL®(granisetron) Injection, extended release. The FDA has indicated that there are no substantive deficiencies in the NDA and has begun labeling discussions with the Company.

SUSTOL is a long-acting formulation of the FDA-approved 5-hydroxytryptamine type 3 (5-HT3) receptor antagonist granisetron being developed for the prevention of both acute and delayed chemotherapy-induced nausea and vomiting (CINV) associated with moderately emetogenic chemotherapy (MEC) or highly emetogenic chemotherapy (HEC). SUSTOL is formulated utilizing Heron’s proprietary Biochronomer® drug delivery technology, and has been shown to maintain therapeutic drug levels of granisetron for at least five days with a single subcutaneous injection. (Original Source)

Shares of Heron Therapeutics jumped nearly 21% to $26.00 in after-hours trading. HRTX has a 1-year high of $42.25 and a 1-year low of $10.60. The stock’s 50-day moving average is $18.52 and its 200-day moving average is $23.08.

On the ratings front, Heron has been the subject of a number of recent research reports. In a report issued on April 15, Cowen analyst Boris Peaker maintained a Buy rating on HRTX, with a price target of $47, which represents a potential upside of 127.2% from where the stock is currently trading. Separately, on March 22, JMP’s Liisa Bayko reiterated a Buy rating on the stock and has a price target of $30.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Boris Peaker and Liisa Bayko have a total average return of 14.7% and 20.0% respectively. Peaker has a success rate of 45.7% and is ranked #175 out of 3795 analysts, while Bayko has a success rate of 56.5% and is ranked #212.

Overall, 5 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $38.50 which is 86.1% above where the stock opened today.

Heron Therapeutics, Inc. is a biotechnology company develops pharmaceutical products for patients suffering from cancer or pain. The company develops products by using its proprietary Biochronomer polymer based drug delivery technology. Its primary products are SUSTOL, HTX-019 and HTX-011. The company has additional clinical and preclinical-stage programs in the area of pain management, all of which utilize its bioerodible, injectable and implantable delivery systems. Heron Therapeutics was founded in February 1983 and is headquartered in Redwood City, CA