Cowen & Co. Keeps a Buy Rating on Heron Therapeutics

By Ryan Adsit

Cowen & Co. analyst Boris Peaker reiterated a Buy rating on Heron Therapeutics (NASDAQ: HRTX) today and set a price target of $40. The company’s shares opened today at $14.65.

Peaker said:

“Earlier today Heron stock dropped as much as 8.5% on seemingly no news.”

According to TipRanks.com, Peaker is a 3-star analyst with an average return of 3.1% and a 41.4% success rate. Peaker covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Corvus Pharmaceuticals Inc, and Merrimack Pharmaceuticals.

Currently, the analyst consensus on Heron Therapeutics is Strong Buy and the average price target is $32, representing an 118.4% upside.

In a report issued on May 11, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $31 price target.

Based on Heron Therapeutics’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $3.63 million and GAAP net loss of $50.33 million. In comparison, last year the company earned revenue of $0 and had a GAAP net loss of $33.45 million.

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Heron Therapeutics, Inc. is a biotechnology company 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. The company has additional clinical and preclinical-stage programs in the area of pain management, all of which utilize its bioerodible, injectable and implantable delivery systems. Heron Therapeutics was founded in February 1983 and is headquartered in Redwood City, CA