DURECT Corporation (DRRX) Shares Down 8% Following Weak Earnings
Shares of DURECT Corporation (NASDAQ:DRRX) were down 8% on Wednesday following a dissappointing earnings announcement. The stock traded as low as $1.50 and last traded at $1.61, with a volume of 1,016,565 shares. The stock had previously closed at $1.75.
The specialty pharmaceutical company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by $0.02. The firm had revenue of $4.32 million for the quarter, compared to analysts’ expectations of $5.17 million. DURECT Corporation had a negative net margin of 221.01% and a negative return on equity of 629.35%.
Several equities analysts have commented on DRRX shares. HC Wainwright reissued a “buy” rating and set a $3.00 price objective on shares of DURECT Corporation in a research report on Monday, May 22nd. Stifel Nicolaus raised DURECT Corporation from a “hold” rating to a “buy” rating and raised their price objective for the company from $1.25 to $3.00 in a research report on Wednesday, July 12th.
Several institutional investors have recently bought and sold shares of DRRX. Tower Research Capital LLC TRC bought a new position in DURECT Corporation during the first quarter valued at about $118,000. Voya Investment Management LLC raised its position in DURECT Corporation by 22.8% in the second quarter. Voya Investment Management LLC now owns 82,826 shares of the specialty pharmaceutical company’s stock valued at $129,000 after buying an additional 15,394 shares in the last quarter. SG Americas Securities LLC bought a new position in DURECT Corporation during the first quarter valued at about $147,000. State of Wisconsin Investment Board bought a new position in DURECT Corporation during the second quarter valued at about $151,000. Finally, The Manufacturers Life Insurance Company raised its position in DURECT Corporation by 12.1% in the second quarter. The Manufacturers Life Insurance Company now owns 120,977 shares of the specialty pharmaceutical company’s stock valued at $189,000 after buying an additional 13,072 shares in the last quarter. 52.97% of the stock is owned by hedge funds and other institutional investors.
The company’s market capitalization is $239.61 million. The stock has a 50-day moving average of $1.70 and a 200-day moving average of $1.23.
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DURECT Corporation Company Profile
Durect Corporation is a biopharmaceutical company with research and development programs. The Company’s products candidates include DUR-928, oral for metabolic/lipid disorders, and DUR-928, injectable for acute organ injuries. Its other product candidates include POSIMIR (controlled release injection of bupivacaine), REMOXY (oral controlled release oxycodone), ORADUR-ADHD, ELADUR (controlled release injection of bupivicane), Relday (risperidone), ORADUR-based opioid (hydromorphone) and SABER-based ophthalmic.
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