Heron Therapeutics

HRTX • NASDAQ

Heron Therapeutics is a biotechnology company in the healthcare sector on NASDAQ, led by Barry Quart, with a market cap of $251.2M. As of Q3 2025, 83% of shares are held by 171 institutional investors, with Rubric Capital Management LP as the largest holder at 15.87%.

Chief Executive OfficerBarry Quart

Market Cap$251.2M

Biotechnology

Healthcare

Employees126.0

Websiteherontx.com

Country

United States of America

Overview

Overview of institutional ownership in HRTX as of Q3 2025 with a market cap of $231.0M

All Institutions

Institutions: 171
Value Held: $192.3M
Shares Held: 152.6M
Avg Position: $1.1M
Median Position: $43.4K

Hedge Funds

Hedge Funds: 18
Value Held: $71.1M
Shares Held: 56.4M
Avg Position: $3.9M
Median Position: $592.7K

Ownership Breakdown

Institutional (non-HF)

52.5%

$121.3M

Hedge Funds

30.77%

$71.1M

Retail & Other

16.73%

$38.6M

Based on market cap of $231.0M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in HRTX as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
R Rubric Capital Management LP Hedge Fund•Long/Short	Margaret Kossakowski CFO	$36.7M 0.53% of portfolio	15.87% 29.1M shares	Q3 2022 Held for 3y 2m	$6.9B
A ADAGE CAPITAL PARTNERS GP LLC Institution	-	$12.9M 0.02% of portfolio	5.59% 10.2M shares	Q2 2023 Held for 2y 5m	$63.0B
B BlackRock, Inc. Institution	-	$12.6M 0.00% of portfolio	5.45% 10.0M shares	Q2 2014 Held for 11y 5m	$5.67T
C Clearline Capital LP Hedge Fund•Event Driven	Mohit Bhasin CFO	$12.2M 1.03% of portfolio	5.30% 9.7M shares	Q4 2022 Held for 2y 11m	$1.2B
V Velan Capital Investment Management LP Institution	-	$11.0M 10.36% of portfolio	4.78% 8.8M shares	Q4 2022 Held for 2y 11m	$106.5M
VANGUARD GROUP INC Institution	Salim Ramji CEO	$10.7M 0.00% of portfolio	4.61% 8.5M shares	Q2 2014 Held for 11y 5m	$6.69T
PALISADE CAPITAL MANAGEMENT LLC/NJ Long Only Manager	Alison Anne Berman CEO	$9.2M 0.28% of portfolio	4.00% 7.3M shares	Q4 2018 Held for 6y 11m	$3.3B
T Tejara Capital Ltd Institution	-	$5.8M 3.17% of portfolio	2.50% 4.6M shares	Q4 2022 Held for 2y 11m	$182.4M
B BAKER BROS. ADVISORS LP Hedge Fund•Sector	Scott Lawrence Lessing President	$5.4M 0.05% of portfolio	2.32% 4.3M shares	Q3 2025 Held for 2 months	$10.8B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$4.6M 0.00% of portfolio	1.99% 3.7M shares	Q1 2014 Held for 11y 8m	$2.88T

Net Capital Flow

Institutional buying and selling activity for HRTX in Q3 2025

Traded: +$26.2M
Buyers: 75
Sellers: 67
Total Bought: +$43.2M
Total Sold: −$17.0M
Avg Position: $1.0M

Biggest Buyers

Institution	Net Bought	Current Position
C Clearline Capital LP Hedge Fund•Event Driven	+$11.2M +8.9M shares	$12.2M 9.7M shares
B BAKER BROS. ADVISORS LP Hedge Fund•Sector	+$5.4M +4.3M shares	$5.4M 4.3M shares
CITIGROUP INC Institution	+$3.1M +2.4M shares	$3.1M 2.5M shares
A ADAGE CAPITAL PARTNERS GP LLC Institution	+$3.0M +2.4M shares	$12.9M 10.2M shares
R Rubric Capital Management LP Hedge Fund•Long/Short	+$3.0M +2.4M shares	$36.7M 29.1M shares
PALISADE CAPITAL MANAGEMENT LLC/NJ Long Only Manager	+$2.8M +2.2M shares	$9.2M 7.3M shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$2.4M +1.9M shares	$2.4M 1.9M shares
V Velan Capital Investment Management LP Institution	+$2.2M +1.8M shares	$11.0M 8.8M shares
T TANG CAPITAL MANAGEMENT LLC Institution	+$1.7M +1.3M shares	$4.3M 3.5M shares
JW Asset Management, LLC Hedge Fund•Sector	+$1.2M +954.9K shares	$4.1M 3.3M shares

Biggest Sellers

Institution	Net Sold	Current Position
A AIGH Capital Management LLC Hedge Fund•Long/Short	−$6.2M −3.0M shares	Sold Off 0 shares
Marshall Wace LLP Institution	−$2.0M −1.6M shares	$1.6M 1.3M shares
JACOBS LEVY EQUITY MANAGEMENT, INC Hedge Fund•Quant	−$1.7M −820.5K shares	Sold Off 0 shares
LEUCADIA NATIONAL CORP Institution	−$1.4M −666.8K shares	Sold Off 0 shares
T TD ASSET MANAGEMENT INC Institution	−$816.8K −394.6K shares	Sold Off 0 shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	−$443.1K −351.7K shares	$229.4K 182.1K shares
BANK OF AMERICA CORP /DE/ Institution	−$432.4K −343.2K shares	$922.4K 732.1K shares
MORGAN STANLEY RIA/Wealth	−$369.9K −293.6K shares	$3.1M 2.5M shares
UBS Group AG Institution	−$316.1K −250.9K shares	$3.7M 2.9M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$312.9K −248.3K shares	$872.3K 692.3K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited HRTX in Q3 2025

New Positions: 8
New Value: $830.2K
Exited Positions: 16
Exited Value: $10.6M

New Positions

Institution	Position Value
P Pale Fire Capital SE Institution	$593.7K 471.2K shares
IEQ CAPITAL, LLC RIA/Wealth	$99.6K 79.0K shares
Mariner Wealth Advisors, LLC RIA/Wealth	$45.2K 35.9K shares
Voleon Capital Management LP Hedge Fund•Quant	$33.9K 26.9K shares
P PKS Advisory Services, LLC RIA/Wealth	$25.2K 20.0K shares
AE Wealth Management LLC RIA/Wealth	$18.5K 14.7K shares
HBK Sorce Advisory LLC Hedge Fund•Multi-Strategy	$13.5K 10.0K shares
FINANCIAL CONSULATE, INC RIA/Wealth	$630.0 500.0 shares

Exited Positions

Institution	Previous Position
A AIGH Capital Management LLC Hedge Fund•Long/Short	$6.2M 3.0M shares
JACOBS LEVY EQUITY MANAGEMENT, INC Hedge Fund•Quant	$1.7M 820.5K shares
LEUCADIA NATIONAL CORP Institution	$1.4M 666.8K shares
T TD ASSET MANAGEMENT INC Institution	$816.8K 394.6K shares
Q Qube Research & Technologies Ltd Institution	$274.9K 132.8K shares
S STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM Institution	$55.7K 26.9K shares
B Brevan Howard Capital Management LP Institution	$41.0K 19.8K shares
ZACKS INVESTMENT MANAGEMENT RIA/Wealth	$30.8K 14.9K shares
Capital Investment Counsel, Inc RIA/Wealth	$30.3K 14.6K shares
T TWO SIGMA SECURITIES, LLC Institution	$29.8K 14.4K shares

Options Activity

Institutions with the largest Call and Put options positions in HRTX as of Q3 2025

Call Positions: 4
Call Value: $25.3K
Put Positions: 3
Put Value: $2.7M

Call Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$25.3K 201.0 contracts
Caption Management, LLC Hedge Fund•Long/Short	- - contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	- - contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	- - contracts

Put Positions

Institution	Position Value
Caption Management, LLC Hedge Fund•Long/Short	$2.5M 20.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$75.1K 596.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$73.5K 583.0 contracts

Most Committed Institutions

Institutions with HRTX as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
V Velan Capital Investment Management LP Institution	-	10.36% $11.0M	4.78% 8.8M shares	Q4 2022 Held for 2y 11m	$106.5M
T Tejara Capital Ltd Institution	-	3.17% $5.8M	2.50% 4.6M shares	Q4 2022 Held for 2y 11m	$182.4M
JW Asset Management, LLC Hedge Fund•Sector	Jason Garrett Wild Managing Partner	1.99% $4.1M	1.80% 3.3M shares	Q2 2023 Held for 2y 5m	$208.4M
Congress Park Capital LLC RIA/Wealth	Eric Brodwin CIO	1.17% $3.6M	1.58% 2.9M shares	Q4 2017 Held for 7y 11m	$310.3M
Orchard Capital Managment, LLC RIA/Wealth	Blake Elliott Harper Managing Partner	1.13% $853.4K	0.37% 677.3K shares	Q2 2021 Held for 4y 5m	$75.8M
C Clearline Capital LP Hedge Fund•Event Driven	Mohit Bhasin CFO	1.03% $12.2M	5.30% 9.7M shares	Q4 2022 Held for 2y 11m	$1.2B
S Stonepine Capital Management, LLC Institution	-	0.87% $1.1M	0.46% 850.1K shares	Q4 2024 Held for 11 months	$123.0M
C CM Management, LLC Institution	-	0.79% $945.0K	0.41% 750.0K shares	Q4 2020 Held for 4y 11m	$119.9M
R Rubric Capital Management LP Hedge Fund•Long/Short	Margaret Kossakowski CFO	0.53% $36.7M	15.87% 29.1M shares	Q3 2022 Held for 3y 2m	$6.9B
Monaco Asset Management SAM RIA/Wealth	Kirstin Lynn Hark Director	0.49% $1.3M	0.55% 1.0M shares	Q2 2023 Held for 2y 5m	$256.5M

Hedge Fund Spotlight

Discover hedge funds investing in HRTX

HBK Sorce Advisory LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerMatthew Atcheson Leffers

Portfolio Value: $4.1B
Positions: 732
Last Reported: Q3 2025

Sector Allocation

Position in Heron Therapeutics

Market Value: $13.5K
Shares Held: 10.0K
Portfolio Weight: 0.00%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 SCHX Schwab U.S. Large-Cap ETF SCHX	ETF ETF	$897.0M	21.96%
2 VCRB Vanguard Core Bond VCRB	ETF ETF	$680.4M	16.66%
3 Vanguard FTSE Developed Markets VEA	ETF ETF	$464.3M	11.37%

View full profile

Heron Therapeutics

Overview

All Institutions

Hedge Funds

Ownership Breakdown

Biggest Investors

Net Capital Flow

Biggest Buyers

Biggest Sellers

Entry and Exit Activity

New Positions

Exited Positions

Options Activity

Call Positions

Put Positions

Most Committed Institutions

Hedge Fund Spotlight

Position in Heron Therapeutics

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