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 ($168 this quarter). Holder counts are more reliable. Shares outstanding: 188.5m as of 2026-02-13, 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 ≈ $1.32. Options: 5 managers hold calls ($520.3k notional), 1 hold puts ($30.3k).
Trends to Q4 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 |
| Q3 2025 | 172 |
| Q4 2025 | 170 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 73 | 65 |
| Q2 2024 | 110 | 54 |
| Q3 2024 | 86 | 77 |
| Q4 2024 | 62 | 86 |
| Q1 2025 | 75 | 62 |
| Q2 2025 | 85 | 49 |
| Q3 2025 | 75 | 68 |
| Q4 2025 | 78 | 68 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $4.2m | $170.8k | 0.04 |
| Q2 2025 | $3.3m | $87.4k | 0.03 |
| Q3 2025 | $44.3k | $2.7m | 60.55 |
| Q4 2025 | $520.3k | $30.3k | 0.06 |
Biggest buyers
| MILLENNIUM MANAGEMENT LLC | Added | +6.9m |
| TANG CAPITAL MANAGEMENT LLC | Added | +2.8m |
| Clearline Capital LP | Added | +2.5m |
| VANGUARD GROUP INC | Added | +1.4m |
| JANE STREET GROUP, LLC | Added | +1.1m |
| Pale Fire Capital SE | Added | +998.5k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | Added | +946.1k |
| Rubric Capital Management LP | Added | +946.1k |
| Tejara Capital Ltd | Added | +541.7k |
| Squarepoint Ops LLC | Added | +462.8k |
Biggest sellers
| BAKER BROS. ADVISORS LP | Sold out | -4.3m |
| JPMORGAN CHASE & CO | Reduced | -2.5m |
| CITIGROUP INC | Reduced | -2.5m |
| AQR CAPITAL MANAGEMENT LLC | Reduced | -1.6m |
| MORGAN STANLEY | Reduced | -1.5m |
| MARSHALL WACE, LLP | Sold out | -1.3m |
| PALISADE CAPITAL MANAGEMENT, LP | Reduced | -1.0m |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -939.1k |
| UBS Group AG | Reduced | -842.4k |
| Caption Management, LLC | Sold out | -734.3k |
Biggest calls
| Caption Management, LLC | New | $440.8k339.1k shares |
| GROUP ONE TRADING LLC | Added | $33.5k25.8k shares |
| CITADEL ADVISORS LLC | New | $22.6k17.4k shares |
| JANE STREET GROUP, LLC | Reduced | $21.6k16.6k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.7k1.3k shares |
Biggest puts
| CITADEL ADVISORS LLC | Reduced | $30.3k23.3k 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 Q4 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 |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 1 | $2.6m | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| Rubric Capital Management LP 0.47% of their portfolio | 30.0m $39.1m | Added +946.1k |
| Clearline Capital LP 1.20% of their portfolio | 12.2m $15.9m | Added +2.5m |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.02% of their portfolio | 11.2m $14.5m | Added +946.1k |
| BlackRock, Inc. 0.00% of their portfolio | 10.2m $13.3m | Added +230.8k |
| VANGUARD GROUP INC 0.00% of their portfolio | 9.8m $12.8m | Added +1.4m |
| Velan Capital Investment Management LP 6.62% of their portfolio | 8.8m $11.4m | Unchanged |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 7.2m $9.3m | Added +6.9m |
| PALISADE CAPITAL MANAGEMENT, LP 0.24% of their portfolio | 6.3m $8.2m | Reduced -1.0m |
| TANG CAPITAL MANAGEMENT LLC 0.40% of their portfolio | 6.2m $8.1m | Added +2.8m |
| Tejara Capital Ltd 2.77% of their portfolio | 5.1m $6.7m | Added +541.7k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 4.1m $5.3m | Added +438.2k |
| STATE STREET CORP 0.00% of their portfolio | 3.8m $4.9m | Added +126.5k |
| JW Asset Management, LLC 1.55% of their portfolio | 3.7m $4.8m | Added +378.4k |
| Congress Park Capital LLC 1.19% of their portfolio | 3.1m $4.0m | Added +177.3k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 3.0m $3.9m | Reduced -83.9k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 2.6m $3.3m | Unchanged |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 2.1m $2.7m | Reduced -613.4k |
| UBS Group AG 0.00% of their portfolio | 2.1m $2.7m | Reduced -842.4k |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 1.9m $2.5m | Reduced -939.1k |
| Pale Fire Capital SE 0.25% of their portfolio | 1.5m $1.9m | Added +998.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 1.4m $1.8m | Added +138.3k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 1.4m $1.8m | Added +1.1m |
| Stonepine Capital Management, LLC 1.27% of their portfolio | 1.2m $1.6m | Added +387.7k |
| Monaco Asset Management SAM 0.48% of their portfolio | 1.2m $1.6m | Added +230.5k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 1.1m $1.4m | Reduced -66.2k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 999.5k $1.3m | Added +307.2k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 989.8k $1.3m | Reduced -335.0k |
| MORGAN STANLEY 0.00% of their portfolio | 963.9k $1.3m | Reduced -1.5m |
| CM Management, LLC 0.82% of their portfolio | 750.0k $975.0k | Unchanged |
| Orchard Capital Management, LLC 0.77% of their portfolio | 680.4k $884.6k | Added +3.1k |
| Squarepoint Ops LLC 0.00% of their portfolio | 677.9k $881.3k | Added +462.8k |
| Richmond Brothers, Inc. 0.47% of their portfolio | 572.1k $743.8k | Unchanged |
| TWO SIGMA ADVISERS, LP 0.00% of their portfolio | 519.6k $675.4k | Added +337.5k |
| NEXPOINT ASSET MANAGEMENT, L.P. 0.04% of their portfolio | 475.8k $618.5k | Unchanged |
| PANAGORA ASSET MANAGEMENT INC 0.00% of their portfolio | 440.3k $572.3k | New |
| Bank of New York Mellon Corp 0.00% of their portfolio | 418.5k $544.0k | Added +6.0k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 376.3k $489.2k | Reduced -1.6m |
| Nuveen, LLC 0.00% of their portfolio | 347.1k $451.2k | Unchanged |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 340.2k $442.3k | Added +11.3k |
| Invesco Ltd. 0.00% of their portfolio | 307.9k $400.2k | Added +76.5k |
| BARCLAYS PLC 0.00% of their portfolio | 303.2k $394.2k | Added +23.9k |
| Apeiron RIA LLC 0.07% of their portfolio | 260.0k $358.8k | Added +37.1k |
| Palumbo Wealth Management LLC 0.08% of their portfolio | 259.4k $337.2k | Added +42.9k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 248.6k $283.4k | Added +2.2k |
| Cyndeo Wealth Partners, LLC 0.02% of their portfolio | 248.1k $322.5k | Unchanged |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 242.0k $314.6k | Reduced -458.0k |
| XTX Topco Ltd 0.01% of their portfolio | 240.2k $312.3k | Added +209.7k |
| Quadrature Capital Ltd 0.00% of their portfolio | 227.8k $296.1k | New |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 203.3k $264.3k | Reduced -21.3k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 198.6k $258.1k | Unchanged |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 179.6k $233.5k | Added +56.5k |
| Quinn Opportunity Partners LLC 0.01% of their portfolio | 175.3k $227.9k | Unchanged |
| Focus Partners Wealth 0.00% of their portfolio | 148.5k $3.6m | Added +129.9k |
| GROUP ONE TRADING LLC 0.01% of their portfolio | 145.2k $188.7k | New |
| Capital Planning Advisors, LLC 0.03% of their portfolio | 144.1k $187.3k | Unchanged |
| GSA CAPITAL PARTNERS LLP 0.02% of their portfolio | 135.1k $176.0k | Added +34.9k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 134.4k $174.8k | Reduced -597.6k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 120.2k $156.3k | Added +8.5k |
| SIMPLEX TRADING, LLC 0.00% of their portfolio | 114.6k $149.0k | Added +87.7k |
| Biltmore Family Office, LLC 0.02% of their portfolio | 100.0k $130.0k | Unchanged |
| Integrated Wealth Concepts LLC 0.00% of their portfolio | 95.2k $123.7k | Reduced -2.4k |
| Connor, Clark & Lunn Investment Management Ltd. 0.00% of their portfolio | 94.0k $122.2k | Added +10.3k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 93.1k $121.0k | Added +7.9k |
| MetLife Investment Management, LLC 0.00% of their portfolio | 87.8k $114.1k | Reduced -4.7k |
| SEARLE & CO. 0.03% of their portfolio | 86.2k $112.1k | Unchanged |
| FMR LLC 0.00% of their portfolio | 84.2k $109.5k | Added +36.8k |
| GLENMEDE TRUST CO NA 0.00% of their portfolio | 82.2k $106.8k | First filing |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 76.6k $100.0k | Unchanged |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 71.4k $92.8k | Reduced -491 |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 66.8k $87.8k | Added +33.3k |
| Redwood Family Wealth LLC 0.08% of their portfolio | 64.5k $83.8k | First filing |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 62.4k $81.1k | Reduced -2.5m |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 59.4k $77.2k | Reduced -620 |
| INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 59.4k $77.2k | Reduced -14.0k |
| State of Wyoming 0.01% of their portfolio | 58.6k $76.2k | New |
| Cornerstone Select Advisors, LLC 0.05% of their portfolio | 58.1k $75.5k | Reduced -1.0k |
| LPL Financial LLC 0.00% of their portfolio | 55.9k $72.7k | Added +5.3k |
| Headlands Technologies LLC 0.01% of their portfolio | 51.3k $66.7k | Added +31.4k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 48.7k $63.3k | Reduced -3.3k |
| Atom Investors LP 0.00% of their portfolio | 48.2k $62.6k | New |
| Abel Hall, LLC 0.01% of their portfolio | 46.2k $60.0k | New |
| CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio | 41.6k $54.1k | Reduced -7.4k |
| Prospera Financial Services Inc 0.00% of their portfolio | 40.6k $52.7k | Reduced -11.1k |
| Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio | 38.4k $49.9k | Unchanged |
| Caitong International Asset Management Co., Ltd 0.01% of their portfolio | 35.1k $45.6k | Added +27.0k |
| Brevan Howard Capital Management LP 0.00% of their portfolio | 35.0k $45.5k | New |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 32.9k $42.7k | Reduced -345.7k |
| Concurrent Investment Advisors, LLC 0.00% of their portfolio | 31.9k $41.5k | New |
| King Wealth Management Group 0.00% of their portfolio | 30.8k $40.0k | Added +1.0k |
| Anfield Capital Management, LLC 0.01% of their portfolio | 30.0k $39.0k | Unchanged |
| CoreCap Advisors, LLC 0.00% of their portfolio | 28.4k $36.9k | Unchanged |
| ProShare Advisors LLC 0.00% of their portfolio | 28.1k $36.5k | Added +1.9k |
| JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio | 28.0k $36.3k | Added +3.9k |
| VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 27.7k $35.9k | Unchanged |
| Valeo Financial Advisors, LLC 0.00% of their portfolio | 26.7k $34.7k | Unchanged |
| Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio | 26.4k $34.0k | Reduced -200 |
| ACT Advisors, LLC. 0.01% of their portfolio | 25.8k $33.5k | Added +227 |
| Parkway Wealth Management Group, LLC 0.00% of their portfolio | 25.0k $32.5k | First filing |
| SG Americas Securities, LLC 0.00% of their portfolio | 24.4k $32.0k | Added +6.9k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 20.9k $27.2k | Added +29 |