Short Interest in DURECT Corporation (DRRX) Drops By 23.5%
DURECT Corporation (NASDAQ:DRRX) was the recipient of a large decrease in short interest in September. As of September 15th, there was short interest totalling 1,541,035 shares, a decrease of 23.5% from the August 31st total of 2,014,989 shares. Approximately 1.1% of the company’s stock are short sold. Based on an average daily volume of 360,283 shares, the short-interest ratio is presently 4.3 days.
Hedge funds have recently added to or reduced their stakes in the stock. Voya Investment Management LLC lifted its position in DURECT Corporation by 22.8% during the 2nd quarter. Voya Investment Management LLC now owns 82,826 shares of the specialty pharmaceutical company’s stock worth $129,000 after acquiring an additional 15,394 shares during the last quarter. State of Wisconsin Investment Board acquired a new position in DURECT Corporation during the 2nd quarter worth $151,000. Tower Research Capital LLC TRC acquired a new position in DURECT Corporation during the 1st quarter worth $118,000. The Manufacturers Life Insurance Company lifted its position in DURECT Corporation by 12.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 120,977 shares of the specialty pharmaceutical company’s stock worth $189,000 after acquiring an additional 13,072 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in DURECT Corporation during the 1st quarter worth $147,000. 45.82% of the stock is owned by institutional investors and hedge funds.
Shares of DURECT Corporation (NASDAQ:DRRX) opened at 1.77 on Friday. The company has a 50-day moving average price of $1.63 and a 200 day moving average price of $1.32. The firm’s market capitalization is $260.19 million. DURECT Corporation has a one year low of $0.74 and a one year high of $1.90.
DURECT Corporation (NASDAQ:DRRX) last released its quarterly earnings data on Tuesday, August 8th. The specialty pharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.02). DURECT Corporation had a negative net margin of 221.01% and a negative return on equity of 629.35%. The business had revenue of $4.32 million during the quarter, compared to analyst estimates of $5.17 million. Analysts expect that DURECT Corporation will post ($0.21) earnings per share for the current fiscal year.
DRRX has been the subject of several recent research reports. Stifel Nicolaus upgraded DURECT Corporation from a “hold” rating to a “buy” rating and increased their price target for the company from $1.25 to $3.00 in a report on Wednesday, July 12th. HC Wainwright reiterated a “buy” rating and issued a $3.00 price target on shares of DURECT Corporation in a report on Sunday, June 25th. Finally, ValuEngine upgraded DURECT Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, September 26th.
About DURECT Corporation
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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