Heron Therapeutics Inc

HRTX remains in a Stage 4 decline with a clear sequence of lower highs and lower lows. Price trades below the 9, 21, and 50 EMAs, which continue to slope down and act as resistance. Although a Post-Capitulation pattern indicates selling exhaustion at the recent low, the absence of any repair above intermediate EMAs confirms medium-term bearish control. The tradable side is bearish, and execution should involve selling now into failed retests of the short-term EMAs. Key risks include a decisive reclaim of the 9/21 EMAs and a sustained break above the 50 SMA that could invalidate the downtrend.

• ↑Q1 net revenue $34.7M, up 32% YoY with March sales over $15M
• ↑IGNITE program boosted Zinomax daily units by 22% YoY
• ↓Negative earnings yield and poor profitability restrict cash flow generation