Stock Update (NASDAQ:HRTX): Heron Therapeutics Inc Closes Underwritten Offering of Common Stock
Heron Therapeutics Inc (NASDAQ:HRTX), announced closing of its underwritten public offering of 5,520,000 shares of common stock, including 720,000 shares sold pursuant to the full exercise of an option to purchase additional shares previously granted to the underwriters, at a public offering price of $24.75 per share. The gross offering size was approximately $136.6 million before deducting customary underwriting discounts and commissions and offering expenses.
Jefferies LLC, Leerink Partners LLC and Cowen and Company, LLC acted as joint book-running managers for the offering. JMP Securities LLC, Brean Capital, LLC and Noble Life Science Partnersacted as co-managers for the offering. (Original Source)
Shares of Heron Therapeutics Inc closed last Friday at $30.57 . HRTX has a 1-year high of $31.38 and a 1-year low of $6.51. The stock’s 50-day moving average is $16.66 and its 200-day moving average is $12.59.
On the ratings front, Brean Murray Carret analyst Jonathan Aschoff reiterated a Buy rating on HRTX, with a price target of $40, in a report issued on May 29. The current price target represents a potential upside of 30.8% from where the stock is currently trading.
According to TipRanks.com, Aschoff has a total average return of 9.8%, a 53.7% success rate, and is ranked #307 out of 3624 analysts.
Heron Therapeutics Incis a biotechnology company, developing products to address unmet medical needs. ItsproprietaryBiochronomer polymer-based drug delivery platform is designed to improve the therapeutic profile of injectable pharmaceuticals.