Heron Therapeutics Inc (NASDAQ:HRTX), has entered into an agreement with Tang Capital Partners, LP whereby Tang Capital will lend the Company up to $100 million. The loan will have a two-year term and bear interest of 8% per annum. The first close of $50 million is expected to occur within five business days. The second close of an additional $50 million is subject to the achievement of a corporate milestone. There are no fees, no warrants and no equity conversion feature associated with this transaction. (Original Source)
Shares of Heron Therapeutics closed yesterday at $16.90, up $0.28 or 1.68%. HRTX has a 1-year high of $42.25 and a 1-year low of $15.22. The stock’s 50-day moving average is $17.48 and its 200-day moving average is $18.93.
On the ratings front, Heron has been the subject of a number of recent research reports. In a report issued on July 27, Jefferies Co. analyst Biren Amin reiterated a Buy rating on HRTX, with a price target of $46, which represents a potential upside of 172% from where the stock is currently trading. Separately, on July 20, Brean Murray Carret’s Jonathan Aschoff reiterated a Buy rating on the stock and has a price target of $55.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Biren Amin and Jonathan Aschoff have a total average return of 7.2% and -11.0% respectively. Amin has a success rate of 56.1% and is ranked #436 out of 4083 analysts, while Aschoff has a success rate of 37.2% and is ranked #3988.
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 $46.50 which is 175.1% above where the stock closed yesterday.
Heron Therapeutics, Inc. is a pharmaceutical company. It designs and commercializes of polymer technologies for pharmaceutical and other applications. The company develops products using its proprietary Biochronomer polymer based drug delivery technology. Its primary focus is on its product APF530, for the prevention of chemotherapy induced nausea and vomiting. 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. Its Biochronomer technology is applicable to a range of therapeutics areas, including prevention of nausea and vomiting, pain management, control of inflammation and treatment of ophthalmic diseases.