H.C. Wainwright Cuts Heron Therapeutics Price Target to $2 After Cinvanti Patent Ruling

Regulation

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H.C. Wainwright lowered its price target on Heron Therapeutics to $2 from $4 while maintaining a Buy rating after the U.S. District Court for the District of Delaware invalidated two patents covering the company's Cinvanti injectable emulsion. The ruling, issued on June 2 in litigation involving Azurity Pharmaceuticals and Slayback Pharma, was seen as a setback for Heron's intellectual property protections. The company intends to appeal the decision to the U.S. Court of Appeals for the Federal Circuit, citing confidence in its legal arguments. Heron emphasized that the ruling does not affect previously executed settlement agreements related to Cinvanti or Aponvie injectable emulsion.