HERON THERAPEUTICS INC HRTX
COM · Common Stock · CUSIP 427746102
- SectorHealth care
- IndustryPharmaceutical Preparations
- HeadquartersSan Diego, CA
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($121.9k this quarter). Holder counts are more reliable. Shares outstanding: 153.3m as of 2025-07-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $2.07. Options: 6 managers hold calls ($3.3m notional), 4 hold puts ($87.4k).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 185 |
| Q4 2022 | 176 |
| Q1 2023 | 162 |
| Q2 2023 | 149 |
| Q3 2023 | 141 |
| Q4 2023 | 152 |
| Q1 2024 | 161 |
| Q2 2024 | 190 |
| Q3 2024 | 173 |
| Q4 2024 | 161 |
| Q1 2025 | 166 |
| Q2 2025 | 172 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 52 | 61 |
| Q4 2023 | 71 | 57 |
| Q1 2024 | 73 | 65 |
| Q2 2024 | 110 | 54 |
| Q3 2024 | 86 | 77 |
| Q4 2024 | 62 | 86 |
| Q1 2025 | 75 | 62 |
| Q2 2025 | 85 | 49 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $297.0k | $213.6k | 0.72 |
| Q4 2024 | $4.6m | $63.8k | 0.01 |
| Q1 2025 | $4.2m | $170.8k | 0.04 |
| Q2 2025 | $3.3m | $87.4k | 0.03 |
Biggest buyers
| UBS Group AG | Added | +3.0m |
| CITADEL ADVISORS LLC | Added | +1.7m |
| MARSHALL WACE, LLP | Added | +1.6m |
| BlackRock, Inc. | Added | +1.5m |
| MORGAN STANLEY | Added | +828.2k |
| JACOBS LEVY EQUITY MANAGEMENT, INC | New | +820.5k |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +453.1k |
| RENAISSANCE TECHNOLOGIES LLC | Added | +414.8k |
| Jefferies Financial Group Inc. | Added | +344.2k |
| JANE STREET GROUP, LLC | Added | +315.4k |
Biggest sellers
| Point72 Asset Management, L.P. | Sold out | -4.8m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -902.9k |
| Orchard Capital Management, LLC | Reduced | -771.8k |
| Informed Momentum Co LLC | Sold out | -349.0k |
| Clearline Capital LP | Reduced | -202.7k |
| PALISADE CAPITAL MANAGEMENT, LP | Reduced | -200.0k |
| Stonepine Capital Management, LLC | Reduced | -138.7k |
| TWO SIGMA ADVISERS, LP | Reduced | -135.4k |
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -123.0k |
| TWO SIGMA INVESTMENTS, LP | Reduced | -112.4k |
Biggest calls
| Caption Management, LLC | New | $3.1m1.5m shares |
| CITADEL ADVISORS LLC | Added | $84.9k41.0k shares |
| GROUP ONE TRADING LLC | Reduced | $32.3k15.6k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $31.7k15.3k shares |
| SIMPLEX TRADING, LLC | Reduced | $15.0k7.3k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | New | $56.1k27.1k shares |
| SIMPLEX TRADING, LLC | Reduced | $21.0k10.6k shares |
| GROUP ONE TRADING LLC | Reduced | $10.3k5.0k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
Rubric Capital Management LP
13D · may seek influence
-1.6 pts · filed 2025-10-17
Stated purposeOn October 15, 2025, the Issuer filed a Current Report on Form 8-K with the SEC disclosing that it obtained Stockholder Approval, as a result of which, the 94,610 shares of Preferred Stock beneficially owned by the Reporting Persons automatically converted, without any action on the part of the holders thereof, into 946,100 Shares. Additionally, as previously disclosed, on August 8, 2025, a certain Rubric Fund entered into the Note Purchase Agreement with the Issuer, pursuant to which the Issuer issued and sold to such Rubric Fund $35,000,000 aggregate principal amount of Notes for an aggregate purchase price of $33,250,000. The Convertible Note Issuance provided for the issuance of Notes with (i) a maturity date of March 1, 2031, (ii) a 5% original issuance discount, (iii) 5% per annum i… Full filing |
15.9% |
| Clearline Capital LP 13G · institution +1.4 pts · filed 2026-02-17 | 6.7% |
Fell to 5% or below in the last year: Adage Capital Management, L.P. (0.0%, 2026-05-13), VANGUARD GROUP INC (0.0%, 2026-03-27)
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 1 | $3.4m | 0 | — | — |
| Q4 2023 | 3 | $287.9k | 0 | — | — |
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| Rubric Capital Management LP 0.89% of their portfolio | 26.7m $55.3m | Unchanged |
| BlackRock, Inc. 0.00% of their portfolio | 10.1m $20.9m | Added +1.5m |
| VANGUARD GROUP INC 0.00% of their portfolio | 8.5m $17.5m | Added +245.9k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.03% of their portfolio | 7.9m $16.3m | Unchanged |
| Velan Capital Investment Management LP 14.47% of their portfolio | 7.0m $14.5m | Unchanged |
| PALISADE CAPITAL MANAGEMENT, LP 0.30% of their portfolio | 5.1m $10.5m | Reduced -200.0k |
| Tejara Capital Ltd 4.34% of their portfolio | 4.5m $9.4m | Reduced -60.0k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 3.6m $7.4m | Added +453.1k |
| STATE STREET CORP 0.00% of their portfolio | 3.5m $7.2m | Added +208.4k |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 3.2m $6.6m | Added +214.1k |
| UBS Group AG 0.00% of their portfolio | 3.2m $6.6m | Added +3.0m |
| AIGH Capital Management LLC 2.92% of their portfolio | 3.0m $6.2m | Added +231.1k |
| MARSHALL WACE, LLP 0.01% of their portfolio | 2.9m $6.0m | Added +1.6m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 2.9m $6.0m | Reduced -123.0k |
| MORGAN STANLEY 0.00% of their portfolio | 2.8m $5.7m | Added +828.2k |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 2.7m $5.6m | Added +414.8k |
| JW Asset Management, LLC 2.39% of their portfolio | 2.3m $4.8m | Unchanged |
| Congress Park Capital LLC 1.54% of their portfolio | 2.3m $4.7m | Added +232.6k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 2.2m $4.6m | Added +1.7m |
| TANG CAPITAL MANAGEMENT LLC 0.22% of their portfolio | 2.1m $4.4m | Reduced -100.0k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 1.8m $3.6m | Added +7.1k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 1.2m $2.5m | Added +96.7k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 1.2m $2.4m | Added +157.2k |
| Monaco Asset Management SAM 0.85% of their portfolio | 1.1m $2.2m | Added +120.0k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.1m $2.2m | Added +107.2k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 1.0m $2.2m | Added +14.6k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 953.1k $2.0m | Added +256.6k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 940.6k $1.9m | Reduced -112.4k |
| Clearline Capital LP 0.16% of their portfolio | 857.2k $1.8m | Reduced -202.7k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.01% of their portfolio | 820.5k $1.7m | New |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.03% of their portfolio | 700.0k $1.4m | Unchanged |
| Jefferies Financial Group Inc. 0.02% of their portfolio | 666.8k $1.4m | Added +344.2k |
| Orchard Capital Management, LLC 1.51% of their portfolio | 659.9k $1.4m | Reduced -771.8k |
| Stonepine Capital Management, LLC 1.34% of their portfolio | 657.4k $1.4m | Reduced -138.7k |
| CM Management, LLC 1.13% of their portfolio | 600.0k $1.2m | Unchanged |
| Richmond Brothers, Inc. 0.75% of their portfolio | 554.5k $1.1m | Added +9.6k |
| TWO SIGMA ADVISERS, LP 0.00% of their portfolio | 533.8k $1.1m | Reduced -135.4k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 493.1k $1.0m | Added +5.8k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 492.3k $1.0m | Reduced -902.9k |
| NEXPOINT ASSET MANAGEMENT, L.P. 0.09% of their portfolio | 475.8k $984.8k | Unchanged |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 432.0k $894.3k | Added +232.7k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 402.1k $832.4k | Added +73.8k |
| TD Asset Management Inc 0.00% of their portfolio | 394.6k $816.8k | Unchanged |
| Nuveen, LLC 0.00% of their portfolio | 347.1k $718.4k | Added +32.8k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 331.4k $686.0k | Added +315.4k |
| BARCLAYS PLC 0.00% of their portfolio | 321.4k $665.3k | Added +138.9k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 305.8k $633.1k | Added +31.9k |
| Walleye Capital LLC 0.01% of their portfolio | 299.8k $620.6k | New |
| GSA CAPITAL PARTNERS LLP 0.04% of their portfolio | 297.3k $615.0k | New |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 266.1k $550.9k | Added +198.3k |
| Apeiron RIA LLC 0.14% of their portfolio | 260.4k $539.0k | Reduced -2.2k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 258.2k $534.6k | Added +181.1k |
| Cyndeo Wealth Partners, LLC 0.03% of their portfolio | 248.1k $513.5k | New |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 241.0k $499.0k | Added +11.7k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 222.4k $460.4k | Added +50.3k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 198.6k $411.0k | Unchanged |
| Quinn Opportunity Partners LLC 0.03% of their portfolio | 175.3k $363.0k | Reduced -104.7k |
| Invesco Ltd. 0.00% of their portfolio | 173.1k $358.3k | Added +53.4k |
| Capital Planning Advisors, LLC 0.04% of their portfolio | 144.1k $298.3k | Added +6.0k |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 132.8k $274.9k | New |
| Palumbo Wealth Management LLC 0.08% of their portfolio | 132.4k $274.1k | Added +8.3k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 111.2k $230.2k | Reduced -25.0k |
| Biltmore Family Office, LLC 0.04% of their portfolio | 101.5k $210.0k | Unchanged |
| INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 94.8k $196.3k | Added +13.7k |
| Integrated Wealth Concepts LLC 0.00% of their portfolio | 94.4k $195.4k | Added +100 |
| MetLife Investment Management, LLC 0.00% of their portfolio | 92.4k $191.3k | Added +37.7k |
| SEARLE & CO. 0.05% of their portfolio | 86.2k $178.5k | Unchanged |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 83.8k $173.4k | Added +13.5k |
| Headlands Technologies LLC 0.02% of their portfolio | 83.4k $172.5k | Reduced -9.2k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 80.3k $166.2k | Reduced -35.0k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 72.1k $149.0k | Added +4.8k |
| Glenmede Investment Management, LP 0.00% of their portfolio | 70.2k $145.4k | First filing |
| Motiv8 Investments LLC 0.09% of their portfolio | 69.2k $143.3k | Unchanged |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 67.7k $140.2k | Reduced -17.9k |
| J. Goldman & Co LP 0.00% of their portfolio | 67.6k $139.9k | Unchanged |
| SIMPLEX TRADING, LLC 0.00% of their portfolio | 62.5k $129.0k | New |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 61.7k $127.8k | Added +34.4k |
| Squarepoint Ops LLC 0.00% of their portfolio | 60.0k $124.2k | New |
| LPL Financial LLC 0.00% of their portfolio | 52.5k $108.7k | Reduced -15.2k |
| CITIGROUP INC 0.00% of their portfolio | 52.0k $107.5k | Reduced -29.9k |
| FMR LLC 0.00% of their portfolio | 51.3k $106.2k | Added +549 |
| Cornerstone Select Advisors, LLC 0.09% of their portfolio | 49.7k $102.8k | Reduced -185 |
| Prospera Financial Services Inc 0.00% of their portfolio | 49.7k $102.8k | New |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 48.3k $102.4k | Added +1.2k |
| CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio | 47.6k $98.6k | New |
| VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 43.0k $89.0k | Reduced -21.5k |
| Horan Securities, Inc. 0.03% of their portfolio | 41.6k $86.1k | Unchanged |
| Virtu Financial LLC 0.00% of their portfolio | 39.6k $82.0k | New |
| Creative Planning 0.00% of their portfolio | 39.4k $81.5k | Reduced -59.1k |
| Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio | 38.4k $79.4k | Added +13.4k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio | 37.1k $81.7k | Added +1.5k |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 36.5k $75.5k | Added +25.4k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 32.1k $64.0k | Added +21.2k |
| WEALTH ALLIANCE, LLC 0.01% of their portfolio | 32.0k $66.2k | Unchanged |
| D.A. DAVIDSON & CO. 0.00% of their portfolio | 31.5k $65.2k | Unchanged |
| ProShare Advisors LLC 0.00% of their portfolio | 31.4k $64.9k | Added +6.0k |
| Anfield Capital Management, LLC 0.02% of their portfolio | 30.0k $62.1k | Reduced -111.2k |
| King Wealth Management Group 0.01% of their portfolio | 28.8k $60.0k | Added +2.0k |
| CoreCap Advisors, LLC 0.00% of their portfolio | 28.5k $58.9k | Reduced -123 |
| Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio | 28.0k $58.0k | Added +100 |