Heron Therapeutics (NASDAQ: HRTX) Stock Outlook: 'Buy' Rating Maintained Despite Lowered Price Target and Q1 Miss

Font: Financial Modeling Prep  • May 11, 2026

• Analyst firm H.C. Wainwright maintained a "Buy" rating for Heron Therapeutics (NASDAQ: HRTX) but lowered its price target to $4.00 from $6.00.
• The commercial-stage biotechnology company reported Q1 revenues of $34.71 million, missing analyst estimates, and a wider-than-expected loss of $0.04 per share.
• Despite recent financial challenges, management reaffirmed full-year guidance, citing temporary issues and strong growth in its Acute Care franchise.

Heron Therapeutics (NASDAQ: HRTX) is a commercial-stage biotechnology company focused on developing treatments to improve the lives of patients. On May 11, 2026, analyst firm H.C. Wainwright maintained its "Buy" rating for Heron Therapeutics. However, the firm lowered its price target on the company to $4.00 from a previous target of $6.00, when the stock's price was $0.95.

The lowered price target reflects recent financial performance. For its first quarter, Heron Therapeutics reported revenues of $34.71 million, which missed analyst estimates by 3.91%. As highlighted by Zacks, the company also posted a quarterly loss of $0.04 per share, which was wider than the expected loss of $0.03 per share and a decline from earnings of $0.01 per share a year ago.

Despite the lowered target, the "Buy" rating is supported by management's view that recent challenges are temporary. CEO Craig Collard stated that seasonal factors, insurance adjustments, and severe weather impacted results. He described these issues as "external and temporary in nature," noting that March net sales already exceeded $15.00 million, showing signs of recovery.

This positive outlook is why the company reaffirmed its full-year guidance. Heron Therapeutics still expects net revenue between $173.00 million and $183.00 million for 2026. It also projects an Adjusted EBITDA of $10.00 million to $20.00 million. Adjusted EBITDA is a measure of a company's operating profit before non-cash charges are deducted.

Further supporting this confidence, the company's Acute Care franchise saw its net revenue grow 32% year-over-year. This growth was driven by a 27% increase for its product ZYNRELEF and a 50% increase for APONVIE. As reported by GlobeNewswire, the company saw a "clear recovery in February and March" after a slow start to the year.