Heron Therapeutics (HRTX): Cutting PT On Sustol Launch Shift To Q4 - Jefferies
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Jefferies analyst, Biren Amin, reiterated his Buy on Heron Therapeutics (NASDAQ: HRTX) but cut his price target to $40.00 from $46.00 after he updated his model to account for Sustol launching in Q4 vs Q3 previously. The analyst also moderated his sales trajectory to peak sales of $433M (v. $475M previously). With this negative out of the way, the analyst cushioned the blow by highlighting the upcoming HTX-011b trial.
Topline data for the Part A portion of the PII trial investigating HTX-011b for postoperative pain following abdominoplasty later this year. As of the announcement of the PII hernia repair results in early Aug, HRTX was still continuing to enroll the abdominoplasty trial and were still in the dose-escalation/dose-finding period. HRTX is only investigating the HTX-011b formulation in abdominoplasty, which we believe is the intended candidate for PIII development.
The analyst expects HTX-011b could show a ~30-35% reduction in pain intensity v. placebo at 24 hours with the 400 and 600 mg doses in Part A. He also believes the key to the long-acting bupivacaine market is to demonstrate a durable reduction of pain and the first 48 hours may also show some pain reduction at the 400 mg and 600 mg doses.
Shares of Heron Therapeutics closed at $17.23 yesterday.
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