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Heron Therapeutics

HRTX · NASDAQ

$0.3545−$0.0064 (−1.77%)TodayMarket closed ·
Prev close $0.3609

HRTX analyst rating

HoldConsensus of 2 analysts over the last 12 months. 0% rate it a buy.
  • Strong buy0
  • Buy0
  • Hold2
  • Underperform0
  • Sell0

12-month price target · 4 analysts

Average $2.55 (+619.3% upside)

Low
$2.02
Now
$0.3545
High
$3.15

Upgrades and downgrades

The latest rating actions, newest first

HRTX analyst upgrades, downgrades and rating actions
FirmDateActionRating
HC Wainwright & Co.Aug 11, 2026DowngradeBuy → Neutral
HC Wainwright & Co.Jun 3, 2026MaintainsBuy
NeedhamJun 3, 2026DowngradeBuy → Hold
HC Wainwright & Co.Jan 9, 2026MaintainsBuy

The case for and against

Updated Oct 16, 2026

Bull case

Heron Therapeutics is supported by improving ZYNRELEF execution, as IGNITE 2.0 lifted targeted-account unit volume from about 9,000 units to more than 19,000 units by 4Q25, while the program expanded from 2,261 to 3,109 accounts and CrossLink alignment approached 90%. This broader footprint, along with planned salesforce expansion in 2026, should deepen coverage in geographies where formulary access and payer support are already established, strengthening the odds of better pull-through. Although the CINVANTI patent setback weighs on cash flow, the company’s commercial platform and strong Exparel clinical results provide a credible path for recovery if sequential revenue improves from 2Q26 through 4Q26.

Bear case

Heron Therapeutics is facing a deteriorating fundamental outlook because its largest cash-flow driver, CINVANTI, is at risk from an adverse patent ruling that opens the path to generic entry and could cut sales materially from a base that represented about 60% of topline. Meanwhile, ZYNRELEF’s growth is too slow to offset that erosion, with 2Q26 revenue of $11.1M rising only about 8% sequentially from 1Q26 and still below 4Q25 levels, while total revenue reached just $37.7M and Adjusted EBITDA was only $3.2M. The company has withdrawn its $173–183M revenue and $10–20M Adjusted EBITDA guidance, paused planned sales-force expansion, and carries about $142.7M of debt against limited visibility into cash generation and liquidity.

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