DURECT Corporation (NASDAQ:DRRX) dropped 8% during trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $1.50 and last traded at $1.61, with a volume of 1,016,565 shares changing hands. The stock had previously closed at $1.75.

The specialty pharmaceutical company reported ($0.07) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. DURECT Corporation had a negative net margin of 232.05% and a negative return on equity of 318.49%. The business had revenue of $4.32 million during the quarter, compared to analysts’ expectations of $5.17 million.

DRRX has been the subject of several recent research reports. Stifel Nicolaus raised shares of DURECT Corporation from a “hold” rating to a “buy” rating and raised their price target for the company from $1.25 to $3.00 in a research report on Wednesday, July 12th. HC Wainwright reissued a “buy” rating and issued a $3.00 price target on shares of DURECT Corporation in a research report on Sunday, June 25th.

A number of institutional investors have recently modified their holdings of the stock. Ingalls & Snyder LLC boosted its position in shares of DURECT Corporation by 213.1% in the second quarter. Ingalls & Snyder LLC now owns 6,419,482 shares of the specialty pharmaceutical company’s stock valued at $10,014,000 after buying an additional 4,369,400 shares in the last quarter. Stonepine Capital Management LLC boosted its position in shares of DURECT Corporation by 28.6% in the first quarter. Stonepine Capital Management LLC now owns 2,801,376 shares of the specialty pharmaceutical company’s stock valued at $2,941,000 after buying an additional 623,585 shares in the last quarter. Tocqueville Asset Management L.P. boosted its position in shares of DURECT Corporation by 48.4% in the second quarter. Tocqueville Asset Management L.P. now owns 1,200,000 shares of the specialty pharmaceutical company’s stock valued at $1,872,000 after buying an additional 391,500 shares in the last quarter. Gagnon Securities LLC boosted its position in shares of DURECT Corporation by 35.9% in the second quarter. Gagnon Securities LLC now owns 1,283,954 shares of the specialty pharmaceutical company’s stock valued at $2,003,000 after buying an additional 338,881 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of DURECT Corporation by 152.3% in the first quarter. Wells Fargo & Company MN now owns 381,802 shares of the specialty pharmaceutical company’s stock valued at $400,000 after buying an additional 230,500 shares in the last quarter. 52.72% of the stock is owned by institutional investors.

The company’s 50-day moving average is $1.65 and its 200 day moving average is $1.20. The firm’s market capitalization is $228.57 million.

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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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