HRTX - Why Heron Therapeutics Stock Has Been on Fire This Week
2023-04-06 15:42:00 ET
Shares of Heron Therapeutics (NASDAQ: HRTX) stormed higher by 47% over the first 3 1/2 days of trading this week, according to data provided by S&P Global Market Intelligence . The big gain came in response to the appointment of Craig Collard as Chief Executive Officer (CEO) and Adam Morgan as Chairman.
What's all the fuss about? Under former CEO Barry Quart, Pharm.D., Heron chronically underperformed from a commercial standpoint. In its latest quarterly report, the company's much-hyped non-opioid pain relief medicine Zynrelef generated a paltry $3.9 million in sales during the three-month period.
This alternative to opioids in some acute-care settings was once thought to have the potential to haul in hundreds of millions in sales on an annual basis. This lack of execution by Heron's former management caused the biotech's shares to shed an eye-popping 91% of their value over the past five years.
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Why Heron Therapeutics Stock Has Been on Fire This Week