Heron Therapeutics, Inc. (NASDAQ: HRTX)
Heron Therapeutics, Inc. (HRTX), a biotechnology company yesterday announced positive Phase 2 clinical study results of HTX-011. HTX-011 is used in the management of pain post operation in patients undergoing bunionectomy. The study showed that all primary and secondary endpoints were met with statistical significance.
Heron Therapeutics, Inc. CEO’s Comments
Barry D. Quart CEO:
“At Heron, we are dedicated to the development of best-in-class medicines that can have a major impact on patients’ lives. We are very pleased with these results, and we now will turn our attention to executing on a broad-based development program designed to enable us to bring HTX-011 to the many patients undergoing a wide range of surgeries who experience significant post-operative pain.” 24/7 Wall St.
Jeffrey A. Guiden Medical Expert Comments:
“Although opioid analgesics are standard of care for post-operative pain management, too often they are associated with unacceptable adverse effects often prolonging hospitalization and recovery,” Thus, there is a major unmet need for a pain management treatment that can substantially reduce our dependence on post-operative opioids. The ability of HTX-011, administered once during surgery, to significantly reduce pain and the need for pain medications for three days following surgery (as compared to a control group) is truly promising.” 24/7 Wall St.
HRTX Technical Analysis
HRTX gapped up in price yesterday to $40.92, up from the prior day’s close of $33.56, which is a 22% increase in price based on favorable news. Taking a look at the daily chart, we can see the last time the stock traded above this price level was back on September 8 when the stock reached its 52 week high of $42.24. Taking a further look back on the daily chart we can see that since May 28 when the stock traded at $12.35 it has been on an impressive run, soaring up almost $30 equivalent to 231%. The stock was trading on heavy volume yesterday over 8 times the normal daily trading volume which is a good sign that the move up can continue. The stock did reach pre market highs of $43.90 meaning it gave back $2.98 at the open equivalent to 7%. For trading purposes, my entry point would have been $41.00 looking for a run to $42. My stop loss would have been $40.75 fearing anything below that and the stock would start to fill in the gap up.
Heron Therapeutics, Inc., incorporated on February 5, 1987, is a biotechnology company. The Company uses its technology to develop products to address unmet medical needs. Its Biochronomer polymer-based drug delivery platform is designed to improve the therapeutic profile of injectable pharmaceuticals. The Company’s product candidate, SUSTOL (granisetron injection, extended release), is being developed for the prevention of both acute- and delayed-onset chemotherapy-induced nausea and vomiting (CINV). The Company’s product development program also focuses on identifying new delivery methods and formulations utilizing known compounds that may expand or extend the therapeutic effort, or eliminate the drawbacks of current therapies. The Company’s other product candidates include HTX-019 for CINV, HTX-011 for Post-operative pain management, and HTX-003 for chronic pain management. Reuters