Heron Therapeutics price target lowered to $10 from $15 at Evercore ISI

Evercore ISI lowered the firm’s price target on Heron Therapeutics to $10 from $15 and keeps an Outperform rating on the shares. Despite it’s stronger efficacy and ease-of-use, Zynrelef "continues to struggle," posting $3.9M in Q4 and projecting growth of only 10% quarter-over-quarter in Q1, the analyst tells investors. Heron did a good job reigning in spending, but it still has a financing overhang to address in addition to $150M of convertible notes due May 2026, notes the firm, which is adding "a highly dilutive near-term financing" to its model, but Evercore still believes that Heron can execute through the challenges and inflect Zynrelef and Aponvie to "become a meaningfully profitable business."