UPDATE: Brean Capital Assumes Heron Therapeutics (HRTX) at Buy
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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."
Shares of Heron Therapeutics closed at $16.61 yesterday.
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