HRTX Heron Therapeutics, Inc.
XNAS
0.36
Delayed
Stock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Fibonacci levels Insider trading
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
HRTX
$0.36
—
What changed
Recent filings, trades and movesKey stats
$0.36
- 52-Week Range
- $0.26 – $1.57
- YTD
- -71.12%
- Straddle Price
- $0.22
- P/C Vol Ratio
- 0.26
- Market Cap
- $0.1B
- Open
- $0.37
- Day Range
- $0.35 – $0.42
- Volume
- 139,478,760
- Prev Close
- $0.29
Fair Value
+50.0% vs price
A blended fair-value estimate combining up to six valuation methods. Each method is weighted by how well it fits the company — DCF down-weights for unprofitable names; DDM only fires for steady dividend payers; comparables down-weight when peer multiples disagree.
- DCF (quality-aware) — projects free cash flow with a horizon that scales to business quality. True compounders (quality 6/6) get 10 years explicit + 10 years fade before terminal; cyclical/struggling names (quality 0-1) get a 5-year terminal cliff. Quality is scored from ROE, gross margin, growth, FCF margin, debt load, and FCF consistency — the same factors that drive market premium for compounders.
- Market-Implied Growth (in Model Inputs) — reverse-DCF that answers "what growth rate is the market pricing in?". Lets you sanity-check the deviation: if implied growth is plausible for the business, the model's bearish flag may be wrong; if implausible, the market may be over-extrapolating.
- DDM (Gordon Growth Dividend Model) — values the stream of future dividends. Only used when trailing yield ≥ 2% and dividend payments are stable — below that the dividend is a token payout and Gordon (which values only the dividend stream) systematically underprices growth names, so those route to DCF + comparables + market anchor instead.
- P/E, EV/EBITDA, P/B, P/S — applies the peer-group median multiple to this company's per-share metric. Peers come from the same set as the "Related symbols" card. Earnings/sales metrics are forward-tilted by the company's recent revenue growth (capped at 25%) so they're comparable to peers' growth-embedded multiples — mimics how analysts use NTM rather than TTM. Per-multiple weights are biased by company quality (e.g. P/B down-weighted for asset-light tech).
- Market Anchor (SMA50) — the 50-day moving average, weighted by recent trading-range stability (tighter Bollinger bands → higher weight). Captures information fundamentals miss (forward consensus, sentiment, supply/demand) — but only when recent trading is steady enough that the market has converged on a view. During wild breakouts or breakdowns the anchor's weight collapses.
- Options Expected (B-L 30d) — the risk-neutral expected stock price at 30-day options expiration, derived from the full implied-volatility surface via Breeden-Litzenberger (second derivative of call price wrt strike → implied PDF, then E[S_T]). Forward-looking, captures all options-implied information (smile, skew, term structure) in one number. Weighted by chain liquidity. SP500-only at present (pre-computed daily). Backtest evidence: adds modest alpha across most bucket × holding combos.
- Blended value — weighted average. Confidence reflects how many methods fired and how tight peer dispersion is.
- Deviation pill — green when blended FV ≥ 10% above current price (undervalued); red when ≥ 10% below; grey otherwise.
| 10-yr Treasury (rf) | 4.90% |
| Beta vs SPY | 1.50 |
| Cost of Equity (CAPM) | 13.14% (VRP-adj) |
| WACC | 7.29% |
| Volatility Risk Premium | +363.5pp (IV − HV30), ERP adj +50bps |
| Effective Tax Rate | 21.0% |
| Rev. Growth (YoY, DCF input) | -6.7% |
| DCF Horizon | 5 years explicit + fade |
| Free Cash Flow (TTM) | $-0.0B |
| Return on Equity (TTM) | -492.9% |
| Book / Price | 16.4% |
| Gross Margin (TTM) | 71.1% |
| FCF Margin (TTM) | -8.1% |
| Debt / Equity | 15.50 |
| Quality Score | 1/6 — cyclical/struggling (5y DCF) |
| SMA 50 | $0.32 (Market Anchor value) |
| SMA 20 / Bollinger Mid | $0.32 |
| Bollinger Width / SMA20 | 49.5% (drives anchor stability) |
| Net Debt | $0.1B |
| Market Cap | $0B |
Peers used for multiples: ATRC, DTIL, INGN, KIDS, MYGN, PCRX, SIBN, XNCR
Blended Fair Value
$1.71
Deviation
+50.0%
| Method | Implied Price | Weight | Detail |
|---|---|---|---|
| DCF | n/a | 0% | |
| DDM (Gordon) | n/a | 0% | |
| Peer P/E | n/a | 0% | |
| Peer EV/EBITDA | n/a | 0% | median 89.3× · 3 peers |
| Peer P/B | $0.18 | 50% | median 3.8× · 8 peers |
| Peer P/S | $3.24 | 50% | median 4.1× · 8 peers |
| Market Anchor (SMA50) | $0.32 | 0% | stability 0% (BB-width) |
| Options Expected (B-L 30d) | n/a | 0% |
As of 2026-11-09 · updated
Related
About
- Industry (SIC)
- PHARMACEUTICAL PREPARATIONS (2834) · industry map
- Exchange
- XNAS
- Market Cap
- $0.1B
- Employees
- 128
- List Date
- 1987-08-27
- CIK
- 0000818033
- Next Earnings
- 2026-11-09 (Pre-Market)
- EPS Forecast
- ($0.03)
- Headquarters
- San Diego, CA
- Homepage
- https://www.herontx.com
Heron Therapeutics Inc is a commercial-stage biotechnology company. The company is focused on improving the lives of patients by developing treatments and commercializing therapeutic solutions to address some of the unmet patient needs. The company's product portfolio consists of APONVIE, SUSTOL, ZYNRELEF, and CINVANTI.
Summary
—
composite
—
No summary data available for this symbol yet.
Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -16.22% | -12.37% | 11.52% | 27.51% | 6.25% | 4.76% | 3.58% |
| Feb | -1.31% | -19.23% | -12.22% | 10.83% | 46.15% | -13.77% | 1.74% |
| Mar | -10.39% | -0.61% | -35.19% | 6.13% | -1.79% | -33.32% | -12.53% |
| Apr | 5.36% | -25.29% | 34.27% | -14.39% | 14.69% | 49.35% | 10.67% |
| May | -23.56% | -31.11% | -53.09% | 58.12% | -20.00% | -31.49% | -16.86% |
| Jun | 16.34% | -12.26% | 4.50% | -9.33% | 7.25% | -48.40% | -6.98% |
| Jul | -17.60% | 2.21% | 39.50% | -14.41% | -20.28% | 15.49% | 0.82% |
| Aug | -5.58% | 49.27% | 1.86% | -31.32% | -20.12% | -37.82% | -7.29% |
| Sep | -9.64% | -0.94% | -34.39% | 15.03% | -4.55% | -0.48% | -5.83% |
| Oct | 1.76% | -11.29% | -35.11% | -13.00% | -7.20% | -21.97% | -14.47% |
| Nov | -16.74% | -30.33% | 95.61% | -33.15% | -1.69% | 25.58%* | 6.55% |
| Dec | 0.55% | -6.72% | 28.79% | 25.41% | 13.04% | -- | 12.21% |
| Total | -58.42% | -72.32% | -36.36% | -9.21% | -5.93% | -77.73% | -43.33% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $0.32
SMA 50: $0.33
SMA 200: $0.67
Current: $0.37
EMA 12: $0.31
EMA 26: $0.32
MACD: -0.0087 | Signal: 0.0024
BEARISH
ADX (14): 20.84
WEAK TREND
+DI: 34.30
−DI: 15.20
Momentum Oscillators
RSI (14): 59.71
NEUTRAL
Stoch %K: 33.93
Stoch %D: 21.95
Williams %R: -32.12
Volume & Volatility
BB Upper: $0.39
BB Lower: $0.25
NEUTRAL
OBV: 103,679,742
Vol SMA 20: 8,408,372
Vol ROC: 12952.87%
ATR: $0.04
True Range: $0.13
HV 20: 119.8%
HV 30: 126.9%
HV 60: 101.8%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-11-11T00:00:00 – 2026-11-09T00:00:00
AI Analysis
Written before HRTX’s Nov 9 earnings report, so it doesn’t reflect the results.
LLM Stock Analysis Report: HRTX
Executive Summary
BULLISH (Confidence Level: 6/10)
Key drivers: Earnings beats, product launches, regulatory approvals
Primary risks: High volatility, negative news sentiment, technical breakdowns
Investment thesis: Heron Therapeutics (HRTX) has a strong pipeline of products in development, which could drive growth and increase the stock's value. However, the high volatility and potential for negative news sentiment pose significant risks.
Recent news sentiment impact: The recent appointment of Thomas Cusack to the board of directors is seen as positive, while the upcoming earnings release on November 12, 2024, has a neutral sentiment.
Technical Analysis
Trend Direction: Short-term (1-4 weeks): NEUTRAL, Medium-term (1-3 months): BEARISH, Long-term (3-12 months): BULLISH
Support/Resistance Levels:
- SMA 20: $1.06
- SMA 50: $0.95
- Upper Bollinger Band: $1.41
Momentum Signals:
-
RSI interpretation: NEUTRAL (37.28)
-
MACD signal: BEARISH (-0.05 / Signal: -0.03 / Histogram: -0.02)
-
Bollinger Bands position: NEUTRAL
-
Volume Analysis: Low volume, institutional interest increasing
News & Sentiment Analysis
Recent Headlines Summary: Positive appointment of Thomas Cusack to the board of directors, neutral earnings release upcoming.
Sentiment Assessment: POSITIVE (60% positive news sentiment)
Catalyst Identification: Upcoming earnings release on November 12, 2024.
Market Narrative: The recent appointment and upcoming earnings release align with the technical signals indicating a potential turnaround in the short term.
Risk & Volatility Assessment
Beta Interpretation: High risk (beta: 2.03)
Volatility Regime: High volatility (0.66)
Options Market Signals:
- IV rank: Low (12.3%)
- Put/Call volume ratio: Bullish sentiment (0.16)
- Market expectation: Options market pricing $0.28 move by expiration
Downside Protection: Support levels at SMA 20 ($1.06) and SMA 50 ($0.95)
Market Context & Positioning
Sector Performance: HRTX is outperforming the broader biotechnology sector.
Institutional Activity: Increasing institutional interest, suggesting a potential turnaround in the short term.
Correlation Analysis: Correlated with the broader market (R-squared: 0.37).
Relative Valuation: Position within trading range.
Key Levels & Action Items
Critical Price Levels:
- SMA 20 ($1.06)
- SMA 50 ($0.95)
Breakout/Breakdown Levels:
- Upper Bollinger Band ($1.41) - potential breakout
- Lower Bollinger Band ($0.71) - potential breakdown
Time-Sensitive Catalysts: Upcoming earnings release on November 12, 2024.
Risk Management: Consider stop-loss levels at SMA 20 and SMA 50 to manage risk.
Note: This analysis is based on the provided data and does not constitute investment advice.
Generated
News
All HRTX news →
Earnings History
20 of 24 under expected move
Avg Expected Move
118.05%
Avg Actual Move
12.69%
| Earnings Date | Timing | Expected Move | Actual Move | Ratio | Outcome |
|---|---|---|---|---|---|
| 2021-01-11 | After-Close | 3.63% | 3.06% | 0.84x | Within |
| 2021-05-10 | After-Close | 33.88% | 5.24% | 0.15x | Within |
| 2021-08-09 | After-Close | 6.28% | 1.51% | 0.24x | Within |
| 2021-11-03 | After-Close | 10.36% | 1.95% | 0.19x | Within |
| 2022-02-28 | After-Close | 23.94% | 18.94% | 0.79x | Within |
| 2022-05-09 | After-Close | 18.01% | 3.05% | 0.17x | Within |
| 2022-08-09 | After-Close | 15.33% | 14.36% | 0.94x | Within |
| 2022-11-08 | After-Close | 20.00% | 12.75% | 0.64x | Within |
| 2023-01-09 | After-Close | 15.50% | 3.10% | 0.20x | Within |
| 2023-03-23 | After-Close | 26.63% | 7.75% | 0.29x | Within |
| 2023-05-11 | After-Close | 33.63% | 37.22% | 1.11x | Exceeded |
| 2023-08-14 | After-Close | 36.42% | 10.93% | 0.30x | Within |
| 2023-11-14 | After-Close | 85.19% | 59.26% | 0.70x | Within |
| 2024-03-12 | After-Close | 20.34% | 27.54% | 1.35x | Exceeded |
| 2024-05-07 | After-Close | 12.54% | 4.88% | 0.39x | Within |
| 2024-08-06 | After-Close | 20.60% | 25.09% | 1.22x | Exceeded |
| 2024-11-12 | After-Close | 25.39% | 5.47% | 0.22x | Within |
| 2025-02-27 | Pre-Market | 36.55% | 19.88% | 0.54x | Within |
| 2025-05-06 | After-Close | 22.73% | 6.61% | 0.29x | Within |
| 2025-08-08 | Pre-Market | 12.23% | 28.26% | 2.31x | Exceeded |
| 2025-11-04 | After-Close | 26.32% | 2.63% | 0.10x | Within |
| 2026-02-26 | After-Close | 33.33% | 0.83% | 0.02x | Within |
| 2026-05-11 | After-Close | 18.32% | 0.93% | 0.05x | Within |
| 2026-08-10 | After-Close | 2276.12% | 3.34% | 0.00x | Within |
Earnings calendar: this week’s reports with expected vs actual moves →
HRTX Options Activity & IV Rank
Volatility Metrics
Current IV: —
7-DTE IV: —
Expected Move: $0.22
7-DTE Move: $0.58
Days to Exp: 39 (2026-12-18)
Options Flow · All expiries
Call Volume: 657
Put Volume: 171
P/C Volume: 0.26
BULLISH
Call OI: 6,838
Put OI: 21,225
P/C OI: 3.104
Total OI: 28,063
ATM Options Pricing
ATM Call: $0.07
ATM Put: $0.15
Call %: 20.6%
Put %: 41.2%
Chain Summary
Chain Volume: 828
Chain OI: 28,063
Last Updated: 11/9/2026
Spread Scanner
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Calendars: the long leg is valued at the short leg’s expiration (Black-Scholes at its current IV) across the range of prices the short leg’s IV implies, giving the best-case profit (R/R = that over the debit) and P(profit).
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Scanning bull put, bear call, iron condor and calendar spreads…
Dealer Positioning
LOW γ vs HISTORY
Estimated net dealer gamma is at the 17th percentile of this name's own daily history, near the low end of its range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
17%
vs own history
GEX tilt
-0.97
OI-weighted, today
Vanna tilt
-0.98
δ-sensitivity to IV
Charm tilt
+0.92
δ-decay vs time
Vanna tilt -0.98: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt +0.92: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 3 ATM contracts, 21k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
No data
30 DTE / 10d
—
—
pts
EXTREME
No data
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Loading the implied volatility surface…
Volatility Smile
Loading the implied volatility smile…
IV Rank (7 DTE)
IV Rank (30 DTE)
Straddle Price (30 DTE)$0.22Nov 9
Beta Analysis
Risk Metrics
Beta: 1.9999
Alpha: -82.17%
Correlation: 0.2860
R-Squared: 8.2%
Stock Volatility: 96.1%
Market Volatility: 13.8%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
High volatility - stock moves more than market
High volatility - stock moves more than market
Beta & Alpha Over Time
Notable investors who own HRTX
3 of 37 tracked investors
| Investor | Value | Share of their portfolio | Rank | Q/Q shares | Source |
|---|---|---|---|---|---|
| Millennium Management Hedge fund Izzy Englander | $1.7M | #2650 of 3716 | -46.7% | 13F | |
| Renaissance Technologies Hedge fund Jim Simons | $643K | #2504 of 3138 | -12.3% | 13F | |
| Rockefeller Capital Management Family office Rockefeller family | $0K | #4671 of 4729 | -72.5% | 13F |
Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions
HRTX Institutional Ownership (13F)
Filings for 2026-06-30 · 60 already for 2026-09-30
? 13F Guide
Diluted shares outstanding: 170,180,250 (as of 2026-03-31)
Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
5 filers$1.56M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Stonepine Capital Management, LLC | $1.50M | 95.97% | 2026-06-30 |
| 2 | Susquehanna International Group, LLP Custodian | $48.29K | 3.09% | 2026-06-30 |
| 3 | Citadel Advisors LLC Custodian | $11.14K | 0.71% | 2026-06-30 |
| 4 | GROUP ONE TRADING LLC Custodian | $2.13K | 0.14% | 2026-06-30 |
| 5 | Simplex Trading, LLC Custodian | $1.50K | 0.10% | 2026-09-30 |
4 filers$914.15K notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Caption Management, LLC | $896.28K | 98.04% | 2026-06-30 |
| 2 | Citadel Advisors LLC Custodian | $8.96K | 0.98% | 2026-06-30 |
| 3 | Susquehanna International Group, LLP Custodian | $4.64K | 0.51% | 2026-06-30 |
| 4 | GROUP ONE TRADING LLC Custodian | $4.27K | 0.47% | 2026-06-30 |
HRTX Insider Trading (Form 4)
Latest: 2026-11-03Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
| Filed | Reporter | Role | Action | Shares | Avg Price | Net $ | Link |
|---|---|---|---|---|---|---|---|
| 2026-11-03 | Mark Earl Hensley | Chief Operating Officer | Mixed Exer +11,770 · Tax −3,349 |
+8,421 | $0.28 | -$938 | EDGAR |
| 2026-11-03 | Ira Duarte | EVP, Chief Financial Officer | Mixed Tax −7,177 · Exer +25,230 |
+18,053 | $0.28 | -$2.0K | EDGAR |
| 2026-11-03 | William P Forbes | EVP, Chief Development Officer | Mixed Tax −6,676 · Exer +23,465 |
+16,789 | $0.28 | -$1.9K | EDGAR |
| 2026-11-03 | Craig A Collard | Chief Executive Officer | Mixed Exer +84,809 · Tax −20,652 |
+64,157 | $0.28 | -$5.8K | EDGAR |
| 2026-10-21 | Craig A Collard | Chief Executive Officer | Mixed Exer +13,797 · Tax −3,360 |
+10,437 | $0.36 | -$1.2K | EDGAR |
| 2026-10-21 | William P Forbes | EVP, Chief Development Officer | Mixed Tax −1,102 · Exer +3,874 |
+2,772 | $0.36 | -$397 | EDGAR |
| 2026-10-21 | Ira Duarte | EVP, Chief Financial Officer | Mixed Tax −1,102 · Exer +3,874 |
+2,772 | $0.36 | -$397 | EDGAR |
| 2026-08-10 | Mark Earl Hensley | Chief Operating Officer | Mixed Exer +31,250 · Tax −8,888 |
+22,362 | $0.50 | -$4.4K | EDGAR |
| 2026-08-03 | Mark Earl Hensley | Chief Operating Officer | Exer (M) | +11,769 | — | EDGAR | |
| 2026-08-03 | Ira Duarte | EVP, Chief Financial Officer | Mixed Tax −7,176 · Exer +25,229 |
+18,053 | $0.50 | -$3.6K | EDGAR |
| 2026-08-03 | William P Forbes | EVP, Chief Development Officer | Mixed Exer +23,463 · Tax −6,674 |
+16,789 | $0.50 | -$3.3K | EDGAR |
| 2026-08-03 | Craig A Collard | Chief Executive Officer | Exer (M) | +84,810 | — | EDGAR | |
| 2026-07-20 | Craig A Collard | Chief Executive Officer | Exer (M) | +13,797 | — | EDGAR | |
| 2026-07-20 | William P Forbes | EVP, Chief Development Officer | Mixed Tax −1,101 · Exer +3,874 |
+2,773 | $0.47 | -$517 | EDGAR |
| 2026-07-20 | Ira Duarte | EVP, Chief Financial Officer | Mixed Exer +3,874 · Tax −1,101 |
+2,773 | $0.47 | -$517 | EDGAR |
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.
HRTX Insider Holdings
12 insiders · @ $0.37
Officers, directors, and 10%+ owners who have filed a Form 4 in the past two years, ranked by current disclosed exposure (shares × today's price). Shares are direct + indirect (via trusts / LLCs / spouse). Excludes unvested RSU and option grants — those aren't beneficially owned until vest.
| # | Insider | Role | Shares | Disclosed Exposure | Lifetime OM Net | Filings | Last Filed |
|---|---|---|---|---|---|---|---|
| 1 | Rubric Capital Management LP | 10%+ Owner | 30,046,828 | $11.14M | $3.58M | 2 | 2025-10-17 |
| 2 | Adam Morgan | Director | 8,877,027 | $3.29M | $6.06M | 7 | 2026-02-03 |
| 3 | Craig A Collard | Chief Executive Officer | 931,086 | $345.1K | $138.0K | 28 | 2026-11-03 |
| 4 | Ira Duarte | EVP, Chief Financial Officer | 306,051 | $113.4K | $75.6K | 25 | 2026-11-03 |
| 5 | William P Forbes | EVP, Chief Development Officer | 252,366 | $93.5K | $74.2K | 26 | 2026-11-03 |
| 6 | Mark Earl Hensley | Chief Operating Officer | 179,322 | $66.5K | $0 | 8 | 2026-11-03 |
| 7 | Susan Rodriguez | Director | 87,180 | $32.3K | $0 | 5 | 2025-02-04 |
| 8 | Craig A Johnson | Director | 53,960 | $20.0K | -$13.6K | 18 | 2026-02-03 |
| 9 | Waage Christian | Director | 53,960 | $20.0K | $8.8K | 19 | 2026-02-03 |
| 10 | Michael Kaseta | Director | 53,960 | $20.0K | $0 | 4 | 2026-02-03 |
Lifetime OM Net = signed sum of open-market buys (P) and sells (S) over their career; excludes grants, tax withholdings, and dispositions to issuer. A large negative number is normal for long-tenured executives — they've sold compensation grants over many years.
HRTX Board & Officers
As of SEC filings through Nov 3, 2026Directors 7
- Craig A Johnson · since Jan 10, 2014
- Waage Christian · since Jun 22, 2016
- Sharmila Dissanaike · since Sep 20, 2021
- Craig A Collard · since Feb 22, 2023
- Adam Morgan · listed since Feb 2023
- Michael Kaseta · since Nov 4, 2024
- Thomas Cusack · since Oct 27, 2025
Officers 4
- Craig A Collard · Chief Executive Officer · listed since Apr 2023
- Ira Duarte · EVP, Chief Financial Officer · since Jun 16, 2023
- Mark Earl Hensley · Chief Operating Officer · since Apr 28, 2025
- William P Forbes · EVP, Chief Development Officer · since Jun 6, 2023
10% owners 2
- David Efraim Rosen · listed since Jul 2023
- Rubric Capital Management LP (entity) · listed since Jul 2023
Changes in the last 10 years (33)
| Oct 27, 2025 | Thomas Cusack became a director |
| Apr 28, 2025 | Mark Earl Hensley became Chief Operating Officer |
| Nov 4, 2024 | Michael Kaseta became a director |
| Mar 18, 2024 | The company announced the departure of Lisa Peraza as VP, Chief Accounting Officer in an SEC filing |
| Dec 20, 2023 | The company announced the departure of Kevin Kotler from the board in an SEC filing |
| Jul 25, 2023 | Rubric Capital Management LP first listed as a 10% owner in an SEC filing |
| Jul 25, 2023 | David Efraim Rosen first listed as a 10% owner in an SEC filing |
| Jul 20, 2023 | The company announced the departure of David Leslie Szekeres as EVP, Chief Operating Officer in an SEC filing |
| Jun 16, 2023 | Ira Duarte became EVP, Chief Financial Officer |
| Jun 12, 2023 | The company announced the departure of Kimberly Manhard as EVP, Drug Development in an SEC filing |
| Jun 6, 2023 | William P Forbes became EVP, Chief Development Officer |
| Apr 18, 2023 | The company announced the departure of John Poyhonen as President & CCO in an SEC filing |
| Apr 5, 2023 | Craig A Collard first listed as Chief Executive Officer in an SEC filing |
| Mar 30, 2023 | The company announced the departure of Barry D Quart from the board in an SEC filing |
| Mar 30, 2023 | The company announced the departure of Barry D Quart as Chief Executive Officer in an SEC filing |
| Feb 24, 2023 | Adam Morgan first listed as a director in an SEC filing |
| Feb 22, 2023 | Kevin Kotler became a director |
| Feb 22, 2023 | Craig A Collard became a director |
| Feb 21, 2023 | The company announced the departure of Stephen Davis from the board in an SEC filing |
| Feb 21, 2023 | The company announced the departure of Kimberly Manhard from the board in an SEC filing |
| Feb 21, 2023 | The company announced the departure of Kimberly Manhard from the board in an SEC filing |
| Sep 20, 2021 | Susan Rodriguez became a director |
| Sep 20, 2021 | Sharmila Dissanaike became a director |
| Feb 16, 2021 | Kevin C Tang reported in an SEC filing no longer being a director |
| Oct 15, 2020 | Kimberly Manhard listed as EVP, Drug Development (previously Executive VP, Drug Development) in SEC filings |
| Oct 15, 2020 | John Poyhonen no longer listed as a director in SEC filings |
| Oct 15, 2020 | John Poyhonen listed as President & CCO (previously EVP, Chief Commercial Officer) in SEC filings |
| Oct 13, 2020 | Lisa Peraza became VP, Chief Accounting Officer |
| Oct 13, 2020 | David Leslie Szekeres became EVP, Chief Operating Officer |
| Dec 3, 2019 | Kimberly Manhard first listed as a director in an SEC filing |
| Jul 17, 2019 | John Poyhonen first listed as EVP, Chief Commercial Officer in an SEC filing |
| Feb 14, 2019 | Kevin C Tang no longer listed as a 10% owner in SEC filings |
| Apr 24, 2017 | Robert Hoffman became CFO & SVP, Finance |
Not reported recently (6)
- Susan Rodriguez · Last reported as a director in an SEC filing dated Feb 4, 2025
- Robert Hoffman · Last reported as CFO & SVP, Finance in an SEC filing dated Dec 23, 2019
- Robert Rosen · Last reported as a director in an SEC filing dated Dec 18, 2018
- Tang Capital Management LLC · Last reported as a 10% owner in an SEC filing dated Sep 12, 2018
- Tang Capital Partners LP · Last reported as a 10% owner in an SEC filing dated Sep 12, 2018
- Brian G. Drazba · Last reported as VP, Finance & CFO in an SEC filing dated Dec 23, 2016
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.
Recent SEC Filings
Latest: 2026-09-29
Current reports — material events the company must disclose within 4 business days (earnings releases, M&A, executive changes, etc.).
Annual report — audited financial statements, MD&A, risk factors. Filed 60–90 days after fiscal year-end.
| Filing Date | Accession | Link |
|---|
Quarterly report — unaudited financials and MD&A. Filed 40–45 days after each of the first three fiscal quarters.
| Filing Date | Accession | Link |
|---|---|---|
| 2026-08-10 | 0001193125-26-341301 | EDGAR |
ETF Holders
21 ETFs hold HRTX
21 shown · $4.93M total exposure · 0.00% AUM-weighted avg weight
| # | ETF | Provider | Weight | $ Exposure | ETF AUM | As Of |
|---|---|---|---|---|---|---|
| 1 | VTI Vanguard Morningstar Total Stock Market ETF | Vanguard | 0.00% | $1.7M | — | 2026-09-30 |
| 2 | IWM iShares Russell 2000 ETF | iShares (BlackRock) | 0.00% | $1.1M | $76.6B | 2026-11-06 |
| 3 | VXF Vanguard Extended Market ETF | Vanguard | 0.00% | $658,595 | — | 2026-09-30 |
| 4 | SCHA Schwab U.S. Small-Cap ETF | Nport | 0.00% | $274,087 | — | 2026-08-31 |
| 5 | IWO iShares Russell 2000 Growth ETF | iShares (BlackRock) | 0.00% | $273,143 | $13.7B | 2026-11-06 |
| 6 | VTWO Vanguard Russell 2000 ETF | Vanguard | 0.00% | $269,076 | — | 2026-09-30 |
| 7 | IWN iShares Russell 2000 Value ETF | iShares (BlackRock) | 0.00% | $131,662 | $13.9B | 2026-11-06 |
| 8 | IWC iShares Micro-Cap ETF | iShares (BlackRock) | 0.01% | $131,028 | $1.2B | 2026-11-06 |
| 9 | QQQS Invesco NASDAQ Future Gen 200 ETF | Invesco | 0.52% | $103,586 | — | 2026-11-05 |
| 10 | VHT Vanguard Health Care ETF | Vanguard | 0.00% | $102,741 | — | 2026-09-30 |
| 11 | PRFZ Invesco RAFI US 1500 Small-Mid ETF | Nport | 0.00% | $98,645 | — | 2026-07-31 |
| 12 | VTWG Vanguard Russell 2000 Growth ETF | Vanguard | 0.00% | $49,444 | — | 2026-09-30 |
| 13 | RSSL Global X Russell 2000 ETF | Global X | 0.00% | $22,610 | — | 2026-11-06 |
| 14 | IWV iShares Russell 3000 ETF | iShares (BlackRock) | 0.00% | $8,642 | $19.7B | 2026-11-06 |
| 15 | VTWV Vanguard Russell 2000 Value ETF | Vanguard | 0.00% | $4,370 | — | 2026-09-30 |
| 16 | VTHR Vanguard Russell 3000 ETF | Vanguard | 0.00% | $3,923 | — | 2026-09-30 |
| 17 | ITWO ProShares Russell 2000 High Income ETF | ProShares | 0.00% | $2,458 | — | 2026-11-06 |
| 18 | URTY ProShares UltraPro Russell2000 | ProShares | 0.00% | $1,906 | — | 2026-11-06 |
| 19 | UWM ProShares Ultra Russell2000 | ProShares | 0.00% | $1,297 | — | 2026-11-06 |
| 20 | HDG ProShares Hedge Replication ETF | ProShares | 0.00% | $54 | — | 2026-11-06 |
| 21 | RB ProShares Russell 2000 Dynamic Buffer ETF | ProShares | 0.00% | $14 | — | 2026-11-06 |
Fundamentals
Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.
Metrics
- Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
- Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
- Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
- Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
- Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
- YoY growth — compare to the same quarter a year earlier to remove seasonality.
- Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
- Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.
TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.
Trailing P/E
—
TTM Diluted EPS
$-0.17
TTM Revenue
$150.71M
TTM Net Income
$-30.94M
TTM Op. Cash Flow
$-20.26M
Quarterly figures (12 quarters)
| Quarter | Period End | Revenue | Net Income | Diluted EPS | Op. Cash Flow |
|---|---|---|---|---|---|
| Q1 '26 | 2026-03-31 | $34.71M | $-8.11M | $-0.04 | $-1.54M |
| Q4 '25 | 2025-12-31 | $40.59M | $-2.95M | $-0.01 | $-9.18M |
| Q3 '25 | 2025-09-30 | $38.21M | $-17.50M | $-0.10 | $1.33M |
| Q2 '25 | 2025-06-30 | $37.20M | $-2.38M | $-0.02 | $-10.87M |
| Q1 '25 | 2025-03-31 | $38.90M | $2.63M | $0.01 | $-8.87M |
| Q4 '24 | 2024-12-31 | $40.78M | $3.66M | $0.02 | $-11.78M |
| Q3 '24 | 2024-09-30 | $32.81M | $-4.85M | $-0.03 | $3.37M |
| Q2 '24 | 2024-06-30 | $36.02M | $-9.23M | $-0.06 | $-4.60M |
| Q1 '24 | 2024-03-31 | $34.67M | $-3.16M | $-0.02 | $-9.52M |
| Q4 '23 | 2023-12-31 | $34.23M | $-10.72M | $-0.05 | $2.46M |
| Q3 '23 | 2023-09-30 | $31.43M | $-25.01M | $-0.17 | $-9.18M |
| Q2 '23 | 2023-06-30 | $31.76M | $-42.06M | $-0.35 | $-27.16M |
Q1 2026 • period ending 2026-03-31 • filed 2026-05-11
Valuation
Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.
Price Multiples
- P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
- P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
- P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
- EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
- EV/Sales — like P/S but accounts for debt + cash. Compare within sector.
Profitability & Yields
- ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
- ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
- Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
- FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.
Balance Sheet
- Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
- Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.
Reading the history chart
- Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
- Multiples expanding while earnings are flat = sentiment-driven rally.
- Multiples compressing while earnings grow = value coming from fundamentals.
P/E
—
P/B
6.90
P/S
0.42
EV/EBITDA
—
EV/Sales
1.18
ROE
-338.6%
ROA
-12.6%
Div Yield
0.00%
FCF Yield
-32.13%
Debt/Equity
15.50
Current Ratio
—
Market Cap
$63.07M
as of 2026-11-09
HRTX vs Peers
Related companies, largest first| Company | Market cap | P/E | Revenue growth | YTD | IV rank |
|---|---|---|---|---|---|
| ATRC AtriCure, Inc. | $3.0B | 275.1 | +13.9% | +47.1% | 23 |
| XNCR Xencor, Inc. | $2.7B | — | −28.6% | +158.6% | 40 |
| PCRX Pacira BioSciences, Inc. Common Stock | $1.5B | 104.2 | +5.7% | +49.1% | 1 |
| SIBN SI-BONE, Inc. Common Stock | $1.1B | — | +14.0% | +29.4% | 41 |
| KIDS OrthoPediatrics Corp. Common Stock | $829M | — | +16.1% | +93.6% | 13 |
| MYGN Myriad Genetics Inc | $564M | — | −3.2% | −6.5% | 39 |
| DTIL Precision BioSciences, Inc. Common Stock | $296M | — | +4802.1% | +136.1% | 20 |
| INGN Inogen Inc | $160M | — | +3.4% | −7.8% | 19 |
| HRTX Heron Therapeutics, Inc. | $56M | — | +1.5% | −70.6% | — |
| Peer median | $961M | 189.7 | +9.8% | +48.1% | 22 |
P/E uses the latest reported trailing-12-month diluted EPS; "—" means no positive earnings or no data.
Short Interest & Float
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
Metric definitions
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Short Interest
36.74M
SI % of Float
25.66%
Days to Cover
14.24
Short Vol Ratio
38.9%
Free Float
143.17M
Float %
75.4%
Short interest 2026-10-15 • Short volume 2026-11-09 • Float 2026-08-14