Why Heron Therapeutics Stock Popped in July
Shares of Heron Therapeutics (NASDAQ: HRTX), a small-cap drugmaker, gained 10.7% over the course of July, according to data provided by S&P Global Market Intelligence. The biotech's shares seemingly benefited from a wave of bargain buying last month following the company's sharp pullback in June.
In late June, Heron's stock took a big step backward in response to a Complete Response Letter from the Food and Drug Administration (FDA) for its non-opioid painkiller Zynrelef, also known as HTX-011. As this rejection reportedly centered around four non-clinical issues, the biotech should be able to get this all-important regulatory application back on track in short order. This potentially short turnaround time appears to be the main reason investors circled back to this beaten-down biotech stock last month.
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Source Fool.com
