Good news from the Food and Drug Administration (FDA) can send biotech stocks into the stratosphere. Patrick Bafuma (Mirati Therapeutics): One company that has to be champing at the bit to get FDA approval is Mirati Therapeutics, with its lead drug adagrasib.
Heron Therapeutics (HRTX) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
The average of price targets set by Wall Street analysts indicates a potential upside of 90.6% in Heron Therapeutics (HRTX). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.