Heron Therapeutics, Inc. (HRTX) AI Stock Analysis

Heron Therapeutics, Inc. operates as a biotechnology company dedicated to developing treatments that address critical unmet patient needs. The company utilizes its proprietary Biochronomer drug delivery technology to administer therapeutic levels of short-acting pharmacological agents over extended periods with a single dose. Its commercial portfolio includes SUSTOL, an extended-release injection for nausea and vomiting associated with chemotherapy, and CINVANTI, an intravenous formulation of aprepitant for similar indications. Heron Therapeutics also markets ZYNRELEF, a dual-acting local anesthetic combining bupivacaine and meloxicam for postoperative pain relief, while advancing product candidates HTX-019 and HTX-034 in clinical studies.

Heron Therapeutics expanded revenue from $86.3M in FY2021 to $154.9M in FY2025, reflecting a 5-year revenue CAGR of 11.8% from FY2020 to FY2025. Gross margin widened from 46.7% in FY2021 to 73.3% in FY2025, while operating margin improved from -252.3% to -1.6%. Annual net losses narrowed from -$217.7M in FY2021 to -$20.2M in FY2025, with EPS moving from -$2.25 to -$0.07. Over the trailing twelve months ending June 30, 2026, revenue was $151.2M with an operating margin of -5.4% and an EPS of -$0.18, alongside quarterly revenue growth of 1.3% year-over-year.

As of June 30, 2026, Heron Therapeutics held $42.7M in cash and short-term investments and $148.4M in total debt, leading to net debt of $105.7M. Shareholders' equity was $6.9M, yielding a debt-to-equity ratio of 21.48 and a current ratio of 2.49. In FY2025, operating cash flow was -$27.6M and free cash flow was -$27.9M. Capital expenditures totaled $317,000 for FY2025, while the company's share count expanded 86.6% over the past 5 years.

At a last close of $0.36 on October 16, 2026, Heron Therapeutics had a market capitalization of $68.5M and an enterprise value of $162.0M. The stock trades at a price-to-sales multiple of 0.5x, below the 4.1x median of its US-listed Healthcare peers. Its forward P/E of 46.9x and EV/EBITDA of 49.7x compare to peer medians of 17.3x and 12.0x, respectively. The stock fell 72.2% over the past year, trailing the S&P 500 return of 16.8%, and its 5-year return of -96.6% lagged the index's 83.0% gain.

Wall Street analyst coverage shows 2 Hold ratings, with 0 Strong Buy, 0 Buy, 0 Sell, and 0 Strong Sell ratings. The mean price target is $7.00, representing a 1839.1% premium over the last close of $0.36. For the fiscal year ending December 31, 2026, analysts estimate revenue of $148.2M and an EPS of -$0.13. Heron Therapeutics topped EPS estimates in 1 of the last 4 quarters, and its next earnings date is November 3, 2026.

This page is an AI-written research summary of Heron Therapeutics, Inc. (HRTX). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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