Intrinsic value of Heron Therapeutics, Inc. - HRTX

Previous Close

$23.78

  Intrinsic Value

$1.14

stock screener

  Rating & Target

str. sell

-95%

Previous close

$23.78

 
Intrinsic value

$1.14

 
Up/down potential

-95%

 
Rating

str. sell

We calculate the intrinsic value of HRTX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  123
  190
  285
  413
  583
  801
  1,075
  1,412
  1,817
  2,295
  2,850
  3,484
  4,199
  4,996
  5,875
  6,834
  7,872
  8,988
  10,179
  11,444
  12,782
  14,190
  15,668
  17,215
  18,831
  20,517
  22,271
  24,097
  25,996
  27,969
Variable operating expenses, $m
  180
  277
  414
  600
  846
  1,162
  1,559
  2,047
  2,633
  3,326
  4,128
  5,047
  6,083
  7,237
  8,510
  9,899
  11,403
  13,019
  14,745
  16,577
  18,515
  20,555
  22,696
  24,937
  27,278
  29,719
  32,261
  34,905
  37,655
  40,514
Fixed operating expenses, $m
  188
  192
  196
  201
  205
  210
  214
  219
  224
  229
  234
  239
  244
  250
  255
  261
  266
  272
  278
  284
  291
  297
  304
  310
  317
  324
  331
  338
  346
  353
Total operating expenses, $m
  368
  469
  610
  801
  1,051
  1,372
  1,773
  2,266
  2,857
  3,555
  4,362
  5,286
  6,327
  7,487
  8,765
  10,160
  11,669
  13,291
  15,023
  16,861
  18,806
  20,852
  23,000
  25,247
  27,595
  30,043
  32,592
  35,243
  38,001
  40,867
Operating income, $m
  -245
  -279
  -326
  -387
  -468
  -570
  -698
  -854
  -1,040
  -1,260
  -1,512
  -1,802
  -2,128
  -2,491
  -2,890
  -3,326
  -3,797
  -4,303
  -4,844
  -5,417
  -6,023
  -6,662
  -7,331
  -8,032
  -8,763
  -9,526
  -10,320
  -11,147
  -12,005
  -12,898
EBITDA, $m
  -241
  -274
  -318
  -378
  -455
  -553
  -675
  -824
  -1,003
  -1,213
  -1,456
  -1,733
  -2,045
  -2,392
  -2,774
  -3,191
  -3,642
  -4,126
  -4,643
  -5,192
  -5,772
  -6,382
  -7,022
  -7,692
  -8,392
  -9,122
  -9,881
  -10,672
  -11,493
  -12,347
Interest expense (income), $m
  2
  0
  3
  7
  13
  21
  31
  45
  62
  82
  107
  137
  171
  210
  254
  303
  357
  416
  479
  548
  621
  699
  781
  868
  959
  1,054
  1,153
  1,257
  1,365
  1,477
  1,594
Earnings before tax, $m
  -245
  -282
  -333
  -401
  -489
  -602
  -743
  -915
  -1,123
  -1,367
  -1,648
  -1,972
  -2,337
  -2,744
  -3,193
  -3,682
  -4,213
  -4,783
  -5,392
  -6,039
  -6,723
  -7,443
  -8,199
  -8,990
  -9,817
  -10,679
  -11,577
  -12,511
  -13,482
  -14,492
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -245
  -282
  -333
  -401
  -489
  -602
  -743
  -915
  -1,123
  -1,367
  -1,648
  -1,972
  -2,337
  -2,744
  -3,193
  -3,682
  -4,213
  -4,783
  -5,392
  -6,039
  -6,723
  -7,443
  -8,199
  -8,990
  -9,817
  -10,679
  -11,577
  -12,511
  -13,482
  -14,492

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  348
  538
  804
  1,167
  1,646
  2,263
  3,038
  3,989
  5,132
  6,483
  8,050
  9,842
  11,863
  14,114
  16,596
  19,305
  22,238
  25,389
  28,755
  32,329
  36,107
  40,085
  44,261
  48,631
  53,196
  57,956
  62,914
  68,072
  73,435
  79,009
Adjusted assets (=assets-cash), $m
  348
  538
  804
  1,167
  1,646
  2,263
  3,038
  3,989
  5,132
  6,483
  8,050
  9,842
  11,863
  14,114
  16,596
  19,305
  22,238
  25,389
  28,755
  32,329
  36,107
  40,085
  44,261
  48,631
  53,196
  57,956
  62,914
  68,072
  73,435
  79,009
Revenue / Adjusted assets
  0.353
  0.353
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
Average production assets, $m
  17
  26
  38
  55
  78
  107
  144
  189
  243
  308
  382
  467
  563
  670
  787
  916
  1,055
  1,204
  1,364
  1,534
  1,713
  1,901
  2,100
  2,307
  2,523
  2,749
  2,984
  3,229
  3,483
  3,748
Working capital, $m
  44
  68
  101
  147
  207
  285
  383
  503
  647
  817
  1,014
  1,240
  1,495
  1,779
  2,091
  2,433
  2,802
  3,200
  3,624
  4,074
  4,550
  5,052
  5,578
  6,129
  6,704
  7,304
  7,929
  8,579
  9,255
  9,957
Total debt, $m
  57
  134
  241
  387
  581
  829
  1,141
  1,525
  1,985
  2,530
  3,161
  3,883
  4,698
  5,605
  6,605
  7,697
  8,879
  10,149
  11,505
  12,946
  14,468
  16,071
  17,754
  19,515
  21,355
  23,274
  25,271
  27,350
  29,511
  31,758
Total liabilities, $m
  140
  217
  324
  470
  663
  912
  1,224
  1,607
  2,068
  2,612
  3,244
  3,966
  4,781
  5,688
  6,688
  7,780
  8,962
  10,232
  11,588
  13,028
  14,551
  16,154
  17,837
  19,598
  21,438
  23,356
  25,354
  27,433
  29,594
  31,840
Total equity, $m
  208
  321
  480
  697
  983
  1,351
  1,813
  2,381
  3,064
  3,870
  4,806
  5,876
  7,082
  8,426
  9,908
  11,525
  13,276
  15,157
  17,167
  19,300
  21,556
  23,931
  26,424
  29,033
  31,758
  34,600
  37,559
  40,639
  43,840
  47,168
Total liabilities and equity, $m
  348
  538
  804
  1,167
  1,646
  2,263
  3,037
  3,988
  5,132
  6,482
  8,050
  9,842
  11,863
  14,114
  16,596
  19,305
  22,238
  25,389
  28,755
  32,328
  36,107
  40,085
  44,261
  48,631
  53,196
  57,956
  62,913
  68,072
  73,434
  79,008
Debt-to-equity ratio
  0.280
  0.420
  0.500
  0.560
  0.590
  0.610
  0.630
  0.640
  0.650
  0.650
  0.660
  0.660
  0.660
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
Adjusted equity ratio
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -245
  -282
  -333
  -401
  -489
  -602
  -743
  -915
  -1,123
  -1,367
  -1,648
  -1,972
  -2,337
  -2,744
  -3,193
  -3,682
  -4,213
  -4,783
  -5,392
  -6,039
  -6,723
  -7,443
  -8,199
  -8,990
  -9,817
  -10,679
  -11,577
  -12,511
  -13,482
  -14,492
Depreciation, amort., depletion, $m
  4
  5
  7
  10
  13
  17
  23
  29
  37
  47
  56
  69
  83
  98
  116
  135
  155
  177
  201
  226
  252
  280
  309
  339
  371
  404
  439
  475
  512
  551
Funds from operations, $m
  -241
  -277
  -326
  -391
  -476
  -585
  -720
  -886
  -1,085
  -1,320
  -1,592
  -1,904
  -2,255
  -2,646
  -3,077
  -3,548
  -4,058
  -4,606
  -5,191
  -5,813
  -6,471
  -7,163
  -7,890
  -8,651
  -9,446
  -10,275
  -11,138
  -12,036
  -12,970
  -13,941
Change in working capital, $m
  16
  24
  34
  46
  60
  78
  98
  120
  144
  170
  198
  226
  255
  284
  313
  341
  370
  397
  424
  450
  476
  501
  526
  551
  575
  600
  625
  650
  676
  702
Cash from operations, $m
  -258
  -301
  -359
  -437
  -536
  -662
  -818
  -1,006
  -1,229
  -1,490
  -1,790
  -2,129
  -2,509
  -2,929
  -3,390
  -3,889
  -4,427
  -5,003
  -5,615
  -6,264
  -6,947
  -7,665
  -8,416
  -9,202
  -10,021
  -10,875
  -11,763
  -12,686
  -13,646
  -14,643
Maintenance CAPEX, $m
  -2
  -2
  -4
  -6
  -8
  -11
  -16
  -21
  -28
  -36
  -45
  -56
  -69
  -83
  -98
  -116
  -135
  -155
  -177
  -201
  -226
  -252
  -280
  -309
  -339
  -371
  -404
  -439
  -475
  -512
New CAPEX, $m
  -6
  -9
  -13
  -17
  -23
  -29
  -37
  -45
  -54
  -64
  -74
  -85
  -96
  -107
  -118
  -129
  -139
  -149
  -160
  -170
  -179
  -189
  -198
  -207
  -217
  -226
  -235
  -245
  -254
  -264
Cash from investing activities, $m
  -8
  -11
  -17
  -23
  -31
  -40
  -53
  -66
  -82
  -100
  -119
  -141
  -165
  -190
  -216
  -245
  -274
  -304
  -337
  -371
  -405
  -441
  -478
  -516
  -556
  -597
  -639
  -684
  -729
  -776
Free cash flow, $m
  -265
  -312
  -376
  -459
  -567
  -703
  -870
  -1,072
  -1,311
  -1,590
  -1,909
  -2,271
  -2,674
  -3,119
  -3,606
  -4,133
  -4,701
  -5,308
  -5,952
  -6,634
  -7,352
  -8,105
  -8,894
  -9,718
  -10,577
  -11,472
  -12,402
  -13,370
  -14,375
  -15,420
Issuance/(repayment) of debt, $m
  53
  76
  107
  146
  193
  249
  312
  383
  461
  544
  632
  722
  814
  907
  1,000
  1,092
  1,182
  1,270
  1,356
  1,440
  1,523
  1,603
  1,683
  1,761
  1,840
  1,918
  1,998
  2,079
  2,161
  2,246
Issuance/(repurchase) of shares, $m
  323
  395
  492
  617
  775
  970
  1,205
  1,483
  1,805
  2,173
  2,584
  3,042
  3,544
  4,088
  4,674
  5,300
  5,964
  6,664
  7,401
  8,172
  8,978
  9,818
  10,692
  11,600
  12,542
  13,521
  14,537
  15,590
  16,684
  17,819
Cash from financing (excl. dividends), $m  
  376
  471
  599
  763
  968
  1,219
  1,517
  1,866
  2,266
  2,717
  3,216
  3,764
  4,358
  4,995
  5,674
  6,392
  7,146
  7,934
  8,757
  9,612
  10,501
  11,421
  12,375
  13,361
  14,382
  15,439
  16,535
  17,669
  18,845
  20,065
Total cash flow (excl. dividends), $m
  111
  160
  224
  304
  401
  516
  647
  794
  955
  1,127
  1,306
  1,494
  1,684
  1,877
  2,068
  2,258
  2,444
  2,627
  2,805
  2,979
  3,149
  3,316
  3,480
  3,643
  3,805
  3,968
  4,132
  4,299
  4,470
  4,646
Retained Cash Flow (-), $m
  -323
  -395
  -492
  -617
  -775
  -970
  -1,205
  -1,483
  -1,805
  -2,173
  -2,584
  -3,042
  -3,544
  -4,088
  -4,674
  -5,300
  -5,964
  -6,664
  -7,401
  -8,172
  -8,978
  -9,818
  -10,692
  -11,600
  -12,542
  -13,521
  -14,537
  -15,590
  -16,684
  -17,819
Prev. year cash balance distribution, $m
  240
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  28
  -236
  -268
  -313
  -374
  -454
  -558
  -689
  -851
  -1,046
  -1,278
  -1,548
  -1,859
  -2,212
  -2,606
  -3,042
  -3,519
  -4,037
  -4,596
  -5,193
  -5,829
  -6,502
  -7,211
  -7,957
  -8,737
  -9,553
  -10,405
  -11,291
  -12,214
  -13,173
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  27
  -216
  -233
  -258
  -290
  -330
  -377
  -431
  -489
  -548
  -607
  -661
  -707
  -742
  -765
  -773
  -766
  -744
  -708
  -660
  -603
  -539
  -473
  -405
  -340
  -279
  -223
  -175
  -133
  -99
Current shareholders' claim on cash, %
  66.8
  48.4
  37.1
  29.5
  24.2
  20.2
  17.1
  14.7
  12.8
  11.2
  9.9
  8.8
  7.8
  7.0
  6.3
  5.7
  5.2
  4.7
  4.3
  3.9
  3.6
  3.3
  3.0
  2.8
  2.6
  2.4
  2.2
  2.0
  1.9
  1.7

Heron Therapeutics, Inc. is a biotechnology company engaged in developing pharmaceutical products for patients suffering from cancer or pain. The Company's product candidates include SUSTOL, HTX-019 and HTX-011. All of its product candidates utilize science and technology platforms, including its Biochronomer drug delivery technology. The Company's SUSTOL (granisetron) injection, extended release is being developed for the prevention of both acute and delayed chemotherapy-induced nausea and vomiting (CINV) associated with moderately emetogenic chemotherapy (MEC) or highly emetogenic chemotherapy (HEC). HTX-019, which is an intravenous formulation of aprepitant, a neurokinin-1 (NK1) receptor antagonist, is being developed for the prevention of CINV. HTX-011, a long-acting formulation of the local anesthetic bupivacaine in a fixed-dose combination with the anti-inflammatory meloxicam, is being developed for the prevention of post-operative pain. HTX-011 is in Phase II clinical trials.

FINANCIAL RATIOS  of  Heron Therapeutics, Inc. (HRTX)

Valuation Ratios
P/E Ratio -5.4
Price to Sales 935.7
Price to Book -44.6
Price to Tangible Book
Price to Cash Flow -7
Price to Free Cash Flow -6.8
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 200%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio 17
Current Ratio 0
LT Debt to Equity -238.1%
Total Debt to Equity -252.4%
Interest Coverage -86
Management Effectiveness
Return On Assets -166.8%
Ret/ On Assets - 3 Yr. Avg. -119.1%
Return On Total Capital -227.6%
Ret/ On T. Cap. - 3 Yr. Avg. -148.7%
Return On Equity -356.7%
Return On Equity - 3 Yr. Avg. -193.4%
Asset Turnover 0
Profitability Ratios
Gross Margin 100%
Gross Margin - 3 Yr. Avg. 33.3%
EBITDA Margin -17000%
EBITDA Margin - 3 Yr. Avg. -5666.7%
Operating Margin -17100%
Oper. Margin - 3 Yr. Avg. -5700%
Pre-Tax Margin -17300%
Pre-Tax Margin - 3 Yr. Avg. -5766.7%
Net Profit Margin -17300%
Net Profit Margin - 3 Yr. Avg. -5766.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

HRTX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HRTX stock intrinsic value calculation we used $77 million for the last fiscal year's total revenue generated by Heron Therapeutics, Inc.. The default revenue input number comes from 0001 income statement of Heron Therapeutics, Inc.. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HRTX stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for HRTX is calculated based on our internal credit rating of Heron Therapeutics, Inc., is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Heron Therapeutics, Inc..
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HRTX stock the variable cost ratio is equal to 146.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $184 million in the base year in the intrinsic value calculation for HRTX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Heron Therapeutics, Inc..

Corporate tax rate of 27% is the nominal tax rate for Heron Therapeutics, Inc.. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HRTX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HRTX are equal to 13.4%.

Life of production assets of 6.8 years is the average useful life of capital assets used in Heron Therapeutics, Inc. operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HRTX is equal to 35.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $370.16 million for Heron Therapeutics, Inc. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 78.059 million for Heron Therapeutics, Inc. is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Heron Therapeutics, Inc. at the current share price and the inputted number of shares is $1.9 billion.

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