Mizuho Securities analyst, Difei Yang, reiterated his Buy rating on shares of Heron Therapeutics (NASDAQ: HRTX) and raised his price target to $41 from $35 after the company reported positive results from the phase 2b clinical trials of HTX-011 in total knee arthroplasty (TKA) and breast augmentation on 6/21. Despite some of the measurements not hitting statistical significance, HTX-011 announced that it has received Breakthrough Therapy Designation from the FDA.

The analyst stated "We expect HTX-011 to receive broad label and we see potential for a quicker review process by the FDA for a mid-2019 approval".

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Shares of Heron Therapeutics closed at $39.95 yesterday.