Heron Therapeutics rises on 2023 oncology sales forecast raise

Heron Therapeutics

15/11/2023 14:52

** Shares of Heron Therapeutics  HRTX.O  rise 46.8% to 78
cents in early trade
    ** Late Monday, co raised its 2023 sales forecast for its 
oncology care business to $104 mln to $106 mln vs its prior
range of $99 mln to $103 mln 
    ** HRTX expects to be profitable in Q4 2024, and sees its
2024 EBITDA to be in the range of a loss of $22 mln to a $3 mln
profit
     ** Co expects its local anesthetic, Zynrelef, to get
approved in U.S. for an extended use 
    ** The San Diego-based drugmaker's Q3 rev of $31.4 mln
missed Wall Street estimates of $32.7 mln - LSEG 
    ** Brokerages including TD Cowen and Needham lower PT on
HRTX 
    ** TD Cowen says HRTX sales trends have been disappointing
so far and sees uncertainty in recovery 
    ** 5 of 5 brokerages rate the stock "buy" or higher; their
median PT is $7
    ** Including session's gain, stock down 78.4% YTD 

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))