HRTX - Heron Therapeutics: Huge Commercial Potential But Not Out Of The Woods Yet

• Heron Therapeutics has had a volatile year with the FDA, however, the 3rd quarter has mapped the recovery path and future for key labels.
• Zynrelef's approval in the EU across 27 member states confirms Heron's hypothesis in non-opioid analgesia for acute post-surgical applications.
• The commercial potential for this drug is high, as prescribers and institutions continue to seek alternatives to opioid-based interventions in acute-stage analgesia.
• Investors have punished the company YTD, and they are not immune to COVID-19 headwinds or out of the woods with the FDA, for US approval of Zynrelef.
• We hold a neutral stance on the company, but see ~23% upside in fair value from today's trading, by our analysis.

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