Heron Therapeutics Inc (NASDAQ:HRTX), a biotechnology company, announced the pricing of an underwritten offering of 4,800,000 shares of its common stock, offered at a price of $24.75 per share. Heron Therapeutics, Inc. has granted the underwriters a 30-day option to purchase up to an additional 720,000 shares of common stock. The offering is expected to close on or about June 15, 2015, subject to customary closing conditions.Jefferies LLC, Leerink Partners LLC and Cowen and Company, LLC are acting as joint book-runners for the offering. JMP Securities LLC, Brean Capital, LLC and Noble Life Science Partners are acting as co-managers for the offering.
The gross offering size will be approximately $119 million before deducting customary underwriting discounts and commissions and offering expenses. Heron Therapeutics, Inc. intends to use the net proceeds from the underwritten offering primarily for general corporate purposes, which include, but are not limited to, the commercial launch of SUSTOL® (granisetron injection, extended release), if approved, funding the company’s ongoing and future clinical trials, preclinical development work, and for general and administrative expenses, or other product development activities. (Original Source)
Shares of Heron Therapeutics Inc closed yesterday at $26.08 . HRTX has a 1-year high of $27.40 and a 1-year low of $6.51. The stock’s 50-day moving average is $15.30 and its 200-day moving average is $12.11.
On the ratings front, Brean Murray Carret analyst Jonathan Aschoff reiterated a Buy rating on HRTX, with a price target of $40, in a report issued on May 29. The current price target implies an upside of 53.4% from current levels.
According to TipRanks.com, Aschoff has a total average return of 10.4%, a 53.4% success rate, and is ranked #265 out of 3619 analysts.
Heron Therapeutics Incis a biotechnology company, developing products to address unmet medical needs. ItsproprietaryBiochronomer polymer-based drug delivery platform is designed to improve the therapeutic profile of injectable pharmaceuticals.