In a report released today, Brandon Folkes from Cantor Fitzgerald reiterated a Buy rating on Heron Therapeutics (NASDAQ: HRTX), with a price target of $50. The company’s shares opened today at $38.20, close to its 52-week high of $42.90.
Folkes observed:
“. Post a strong 2Q18, we are transferring coverage of HRTX and reiterating an Overweight rating and 12-month PT of $50. HRTX has successfully advanced HTX-011 towards a filing in the second half of this year, and we believe HTX-011’s uptake and peak sales potential could exceed Street estimates and our own. We expect upward earnings revisions, along with an approval of HTX-011, to drive HRTX shares higher. We expect upside to come from Cinvanti and HTX-011. Additionally, we believe that HRTX’s decision to retain global rights to HTX-011 could make HRTX an attractive addition to a larger company’s portfolio, or provide further upside to HRTX revenue estimates.”
According to TipRanks.com, Folkes is a 1-star analyst with an average return of -1.7% and a 41.4% success rate. Folkes covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Opiant Pharmaceuticals Inc, and Eagle Pharmaceuticals Inc.
Currently, the analyst consensus on Heron Therapeutics is a Strong Buy with an average price target of $57.83.
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The company has a one-year high of $42.90 and a one-year low of $14.40. Currently, Heron Therapeutics has an average volume of 1.26M.
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Heron Therapeutics, Inc. is a biotechnology company, which develops pharmaceutical products for patients suffering from cancer. The company develops products by using its proprietary Biochronomer polymer based drug delivery technology. Its products include SUSTOL, Pipeline, Cinvanti and HTX-011.
