Cowen Sees FDA Approval For Heron Therapeutics Inc’s (HRTX) CINV Drug
Cowen’s healthcare analyst Boris Peaker weighed in today on biotech firm Heron Therapeutics Inc (NASDAQ:HRTX), following the company’s fourth-quarter financial results and update on its clinical progress. While shareholders continue to await the FDA decision on its review of the Sustol NDA, Peaker believes that Sustol will be approved due to the fact that the FDA has not requested additional information and the strength of the safety/efficacy data.
Peaker wrote, “The focus for investors remains on the up-coming FDA response on Heron’s lead product candidate, Sustol, for chemotherapy induced nausea and vomiting (CINV). The FDA recently delayed its original January 2016 projected PDUFA date and a decision is now expected in late February. If approved, Heron plans to hire a sales force of close to 100 sales representatives to target ~900 brick and mortar oncology clinics that are responsible for purchasing the majority of branded 5-HT3 antagonists.”
The analyst reiterated an Outperform rating on shares of Heron Therapeutics, with a price target of $47, which implies an upside of 160% from current levels.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Boris Peaker has a yearly average return of 13.7% and a 42.9% success rate. Peaker has a -26.4% average return when recommending HRTX, and is ranked #169 out of 3640 analysts.