Stifel Reiterates Buy Rating on Heron Therapeutics (HRTX) as ZYNRELEF Gains Approval
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Rating Summary:
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Up: 13 | Down: 11 | New: 11
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Stifel analyst Derek Archilia reiterated a Buy rating and $27.00 price target on Heron Therapeutics (NASDAQ: HRTX) after FDA approval of ZYNRELEF (HTX-011). Archilia said while the label is narrower, the hurdle to broaden it seems low and the commercial opportunity remains intact.
The analyst commented, "The company plans to make the treatment available beginning in July and plans to focus on the 2.1 million procedures (bunion, TKA and hernia) indicated on the label. Notably, the ZYNRELEF indication is limited to only those three surgeries, which was a surprise as the FDA recently changed how they approve analgesic products. Management noted that to expand the label it would only require additional PK and safety data, which, in our view, seems like a low hurdle to expand the label over time. With that said, other aspects of the label were either in line or better than expected. Overall, we continue to believe ZYNRELEF's clinical data package is strong, its superiority data over generic bupivicaine is highly differentiating and will still yield a faster sales ramp than what was seen with Exparel."
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 $17.41 yesterday.
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