In a report released today, Christopher Liu from Oppenheimer reiterated a Buy rating on Heron Therapeutics (NASDAQ: HRTX), with a price target of $34. The company’s shares opened today at $30.70, close to its 52-week high of $32.70.
Liu said:
“We update our model to reflect HRTX’s 1Q18 financial update. We think the company remains in a favorable position as: (1) HTX-011’s NDA filing is expected in 2H18 and approval could be expedited given its fast-track status, (2) Sustol faces short-term downside due to generic Aloxi’s 1Q18 launch; however, we think this is favorable as it clears uncertainty regarding g-Aloxi timing, and (3) Cinvanti revenues were a positive surprise. We also await top-line Phase 2 data for HTX-011 in breast augmentation and TKA, which should read out in 2Q18. With the company well funded with pro forma cash of ~$283M, we think the stock remains in a good position. Reiterate Outperform.”
According to TipRanks.com, Liu is a 1-star analyst with an average return of -1.1% and a 50.0% success rate. Liu covers the Healthcare sector, focusing on stocks such as Synergy Pharmaceuticals Inc, Zynerba Pharmaceuticals, and Insys Therapeutics.
Currently, the analyst consensus on Heron Therapeutics is Strong Buy and the average price target is $41.90, representing a 36.5% upside.
In a report issued on May 8, Cowen & Co. also maintained a Buy rating on the stock with a $48 price target.
See today’s analyst top recommended stocks >>
The company has a one-year high of $32.70 and a one-year low of $12.70. Currently, Heron Therapeutics has an average volume of 1.28M.
Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of HRTX in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Heron Therapeutics, Inc. is a biotechnology company, which develops pharmaceutical products for patients suffering from cancer or pain. The company develops products by using its proprietary Biochronomer polymer based drug delivery technology. Its primary products are SUSTOL, HTX-019 and HTX-011.
