UPDATE: Brean Capital Assumes Heron Therapeutics (HRTX) at Buy

October 4, 2016 9:09 AM EDT
Get Alerts HRTX Hot Sheet
Price: $12.80 -0.39%

Rating Summary:
    8 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 5 | Down: 5 | New: 0
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(Updated - October 4, 2016 10:08 AM EDT)

Brean Capital assumed coverage on Heron Therapeutics (NASDAQ: HRTX) with a Buy rating and a price target of $41.

Analyst Jason Wittes said, "The company is in the process of launching Sustol, the first and only approved 5-HT3 receptor antagonist with an extended-release effect and 5 days of Chemotherapy Induced Vomiting (CINV) prevention for MEC and HEC regimens—which we think represents at least a $300 million opportunity over the next five years. By year-end they will also submit HTX-019, a proprietary intravenous (IV) formulation of Aprepitant, a NK1 receptor antagonist for CINV prevention—that is polysorbate-80 free— providing a significantly improved side-effect profile, which should set up for an approval by the end of 2017. HTX-011, Heron’s proprietary long-acting formulation of bupivacaine/meloxicam for post-operative pain, is potentially a multi-billion dollar opportunity. HTX-011’s 100-patient Phase II trial showed significant reductions in pain over the standard of care and a significant reduction in opioid use. As such, we see the Phase III trial as largely de-risked, which should lead to a NDA submission in 2018. HTX-011 is potentially broadly applicable to a variety of procedures, and thus a multi-billion dollar opportunity. Given results of two Phase II trials in bunionectomy and hernia, we think that Phase III is substantially de-risked—and as discussed below, concerns over bradycardia risk are overblown."

For an analyst ratings summary and ratings history on Heron Therapeutics click here. For more ratings news on Heron Therapeutics click here.

Shares of Heron Therapeutics closed at $16.61 yesterday.

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