Leerink Partners Remains Bullish on Heron Therapeutics (HRTX) Following Announced Management Changes
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Leerink Partners reiterated an Outperform rating and $33.000 price target on Heron Therapeutics (NASDAQ: HRTX) following recently announced management departures. While the departures will likely grab investor attention, Leerink believes that the changes should not be interpreted as a sign of instability. CMO Neil Clendeninn, Senior VP and President of Technical Operations Paul Marshall, and CFO Brian Drazba. Mr. Clendeninn and Mr. Marshall’s resignations became effective 9/30.
Analyst Jason Gerberry commented, "We do not view the recently announced management departures as reason for concern. This evening we caught up with Heron CEO Barry Quart to discuss the recent mgmt departures announced Friday evening. We do not view the departures as reason for concern as (1) two of the departures were 'stop gap' hires, in our view, brought on to help the company through the Sustol CRL (complete response letter) process; (2) the CFO change is being made so the company can fill the role with more of an outward (investor) facing individual."
Shares of Heron Therapeutics closed at $17.23 yesterday.
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