Christopher Medlock James‘ Partner Fund Management recently initiated a position in Heron Therapeutics Inc (NASDAQ:HRTX), together with its affiliated funds, according to a 13G form filed with the Securities and Exchange Commission. The holding comprises over 2.01 million shares valued at $65.30 million based on the June 10 closing price, and represents about 5.7% of the $1.14 billion biotechnology company’s outstanding shares.
Founded in 2004, Partner Fund Management currently has about $5.44 billion worth of regulatory assets under its management. The San Francisco-based investment firm combines fundamental analysis with a bottom-up approach to make its investment choices, and complements its in-house research with external research. At the end of March the market value of the fund’s public equity portfolio stood at $3.63 billion and the healthcare sector represented about 55% of these holdings.
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Heron Therapeutics Inc (NASDAQ:HRTX) is focused on improving the therapeutic profile of injectable pharmaceuticals. Its main product candidate, SUSTOL is being developed to prevent chemotherapy-induced nausea and vomiting (CINV). The company announced successful results for its Phase 3 study of SUSTOL at the end of May, and plans to re-submit its New Drug Application to the FDA. The drug met its primary endpoint of a statistically significant proportion of patients achieving a Complete Response as compared to the Comparator Group. The Complete Response was defined as no vomiting or rescue medications during a 24 to 120-hour period after administration of highly emetogenic chemeotherapy agents, which are responsible for causing vomiting. Moreover, Heron Therapeutics Inc (NASDAQ:HRTX) has also recently initiated a mid-stage study of HTX-011, which helps with the prevention of post-operative pain.