02:16 PM EDT, 03/13/2024 (MT Newswires) -- Heron Therapeutics ( HRTX ) shares were up more than 31% in recent trading on Wednesday, a day after the company reported better-than-expected Q4 results.

Late Tuesday, Heron posted Q4 net loss of $0.07 per diluted share, narrowed from a net loss of $0.17 a year earlier.

Analysts polled by Capital IQ expected net loss of $0.16.

Net product sales for the quarter ended Dec. 31 was $34.2 million, up from $30 million a year earlier. Analysts surveyed by Capital IQ expected revenue of $31.2 million.

The company expects 2024 net product revenues of $138 million to $158 million. Analysts polled by Capital IQ expect revenue of $145.9 million.

Separately, Needham increased its price target on Heron to $5 from $4 and reiterated its buy rating.

Price: 3.09, Change: +0.73, Percent Change: +31.04