Why Heron Therapeutics, Inc. (HRTX) Price Target Was Reduced to $4 at H.C. Wainwright?

Laiba Immad

Tue, May 19, 2026 at 7:08 AM EDT 2 min read

We recently compiled a list of the 10 Best Penny Stocks Under $1 According to Hedge Funds. Heron Therapeutics, Inc. (NASDAQ:HRTX) is another of the best penny stocks on this list.

TheFly reported on May 11 that HRTX saw its price target reduced to $4 from $6 while the Buy rating was reiterated in a recent research update from H.C. Wainwright analyst Brandon Folkes. The note followed a weaker-than-expected first-quarter performance and highlighted continued uncertainty around the Zynrelef product’s growth trajectory, described as still needing proof of consistent adoption. The analyst also pointed to the need for stronger revenue conversion and improved commercial momentum in order to sustain investor interest in the stock’s public market valuation and longer-term outlook.

On the same day, Heron Therapeutics, Inc. (NASDAQ:HRTX) reported its first-quarter 2026 financial results for the period ended March 31, 2026, along with a corporate update. Total net revenue was $34.7 million, with Acute Care revenue rising 32% year over year, supported by ZYNRELEF at $10.2 million and APONVIE at $3.4 million. Oncology Supportive Care generated $21.1 million, including $20.5 million from CINVANTI, while SUSTOL continued its planned decline.

The company ended the quarter with $44.8 million in cash and equivalents and reaffirmed full-year 2026 guidance for revenue of $173–183 million and Adjusted EBITDA of $10–20 million. Commercial expansion efforts, including a planned sales force increase for Q3 2026, remain on track. Demand trends improved across key products, with ZYNRELEF and APONVIE showing strong growth, while development work on the prefilled syringe program continues as scheduled.

Heron Therapeutics, Inc. (NASDAQ:HRTX) is a biotechnology company based in Cary that develops and commercializes therapies for acute care and oncology, focusing on improving treatment for unmet medical needs.

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