Leerink Swann Reiterates Optimistic View of Heron Therapeutics Inc Following Initiation of HTX-011 Phase 2 Trial

Leerink Swann analyst Jason Gerberry came out with some commentary on Heron Therapeutics Inc (NASDAQ:HRTX) following the initiation of a Phase 2 clinical trial of HTX-011, a drug used for the prevention of post-operative pain. Gerberry reiterated an Outperform rating on the stock and raised the price target to $38 (from $26), which represents a potential upside of 17.8% from where the stock is currently trading.

Gerberry observed, “Based on recent MEDACorp specialists checks, we believe ‘011’s target product profile of 48-hr or greater pain reduction could become the new standard of care, and our 40% probability of success reflects clinical risks inherent in the program. We are updating our GM assumption to 85-90% in the out-years. Our updated model includes HRTX’s 6/15 offering, and our new PT is based on a share count that includes all converts and warrants.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Gerberry has a total average return of 18.8% and a 84.2% success rate. Gerberry has a average return when recommending HRTX, and is ranked #349 out of 3635 analysts.

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