Northland Securities analyst Carl Byrnes maintained a Buy rating on Heron Therapeutics (HRTX) today and set a price target of $55. The company’s shares opened today at $17, close to its 52-week low of $16.20.
Byrnes observed:
“We anticipate the Company will submit a briefing package to the FDA and request a ‘Type A’ meeting to clarify issues cited in the Complete Response Letter (CRL) received on April 30, 2019 relating to the NDA for HTX-011 (bupivacaine ER, plus meloxicam ER) for the treatment of post-operative pain management. The CRL requested additional Controls (CMC) and non-clinical information deemed necessary for HTX-011’s approval. We anticipate a Type A meeting will be held late-June/early-July, with minutes available within 30 days of its occurrence. We anticipate the minutes will clarify a path forward for resubmission of the NDA for HTX-011.”
According to TipRanks.com, Byrnes is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -7.4% and a 24.4% success rate. Byrnes covers the Healthcare sector, focusing on stocks such as Aridis Pharmaceuticals Inc, Adamas Pharmaceuticals, and Flexion Therapeutics.
Heron Therapeutics has an analyst consensus of Strong Buy, with a price target consensus of $45.20, representing a 165.9% upside. In a report issued on May 1, Stifel Nicolaus also maintained a Buy rating on the stock with a $38 price target.
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The company has a one-year high of $42.90 and a one-year low of $16.20. Currently, Heron Therapeutics has an average volume of 1.24M.
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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.
