HRTX - Heron climbs 14% as Rubric Capital discloses ~10% stake

• The shares of Heron Therapeutics ( NASDAQ: HRTX ) added ~14% in the morning hours Monday after the New York-based hedge fund Rubric Capital Management reported 9.9% ownership in the biotech, representing approximately 11.8M shares.
• San Diego, California-based Heron ( HRTX ) develops medicines for unmet patient needs using its drug delivery technology, Biochronomer.
• Its extended-release local anesthetic Zynrelef indicated in the U.S. for postsurgical analgesia, added ~$6.3M in net product sales for the company during the first nine months of 2022 with over threefold rise.
• “Its initial label was a disappointment for Heron. It has made several efforts to get it expanded, with some success,” Seeking Alpha contributor Out of Ignorance wrote in December, issuing a Hold rating on Heron ( HRTX ).
• The author notes that the company “continues to accumulate excessive ongoing losses making it a high-risk investment.”

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