FDA Approval of Heron Therapeutics' (HRTX) Sustol Removes Major Overhang - Analyst
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Leerink affirms Heron Therapeutics (Nasdaq: HRTX) at Outperform with a price target of $33 following FDA approval of Sustol for treatment of chemo induced nausea and vomiting.
Analyst Jason Gerberry commented today:
We are still reviewing the package insert, but Sustol appears to have gotten a favorable label on balance and the approval removes a major overhang on the stock. In terms of key label claims, Sustol was approved for acute and delayed MEC (moderate chemo regimens) and acute/delayed AC regimens (anthracycline and cyclophosphamide), which are a subset of HEC (highly emetogenic) chemo regimens. While HRTX did not get a broad delayed HEC indication, the company believes an indication for delayed AC will allow it to reach most of the HEC market. A conference call will be held at 9:00 A.M. EDT and we expect the focus of the call to be on commercial strategy, launch plans and market sizing. We reiterate our OP rating and we are encouraged to see Sustol get differentiated label claims relative to Easai’s Aloxi.
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