Heron Therapeutics (HRTX) PT Lowered to $52 at Needham & Company

Needham & Company analyst Serge Belanger lowered the price target on Heron Therapeutics (NASDAQ: HRTX) to $52.00 (from $64.00) while maintaining a Buy rating.

The analyst commented, "The long- and widely-anticipated approval of HTX-011 will need to wait for most likely at least 6-months. After a Priority Review of the HTX-011 NDA, FDA issued a CRL requesting additional CMC and non-clinical info. While HRTX provided limited details of the requested info, the co. believes these are minor issues that could have been addressed as part of the review process. Importantly, no issues related to clinical safety or efficacy were identified. Next step is an FDA meeting to discuss the issues prior to resubmitting the HTX-011 NDA. We expect at least a 6-month delay for HTX-011 approval/launch which is now pushed back to 1H20. Our updated financial model reflects these new timelines as well as more realistic expectations for the HTX-011 launch ramp. We maintain our Buy rating but adjust our $PT to $52 (from $64)."

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