Why Is Postoperative Pain Focused Heron Therapeutics Stock Trading Higher On Wednesday?
Portfolio Pulse from Vandana Singh
Heron Therapeutics Inc (NASDAQ:HRTX) reported a Q4 2023 EPS of $(0.07), surpassing the consensus of $(0.16), with sales increasing 14% Y/Y to $34.23 million, beating the $30.98 million consensus. This growth was attributed to stronger sales in Zynrelef, Cinvanti, and Sustol. The company's Acute Care Franchise sales rose to $6.1 million, and Oncology Care Franchise sales reached $28.1 million. For FY 2024, Heron expects revenues of $138 million-$158 million and an adjusted EBITDA of $(22.0) million-$3.0 million. Needham maintains a Buy rating on HRTX, raising the price target from $4 to $5. HRTX shares surged 30.1% to $3.07.
March 13, 2024 | 6:41 pm
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Heron Therapeutics reported a better-than-expected Q4 2023 EPS and sales, with significant growth in its key franchises. The company provided optimistic guidance for FY 2024, and Needham raised its price target for HRTX from $4 to $5.
The positive earnings report and sales growth, along with the optimistic guidance for FY 2024, have likely contributed to the surge in HRTX shares. The upgrade in the price target by Needham further supports the bullish sentiment towards the stock in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100