First Eagle Investment Managem Acquires 4,000,000 Shares of DURECT Co. (NASDAQ:DRRX) Stock

DURECT Co. (NASDAQ:DRRX) major shareholder First Eagle Investment Managem acquired 4,000,000 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were bought at an average cost of $0.52 per share, with a total value of $2,080,000.00. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

NASDAQ DRRX opened at $0.66 on Wednesday. DURECT Co. has a 12 month low of $0.46 and a 12 month high of $1.98. The company’s 50-day moving average is $0.62. The company has a debt-to-equity ratio of 1.82, a quick ratio of 3.39 and a current ratio of 3.74. The firm has a market cap of $99.04 million, a P/E ratio of -4.10 and a beta of 1.88.

DURECT (NASDAQ:DRRX) last posted its quarterly earnings data on Tuesday, May 7th. The specialty pharmaceutical company reported ($0.04) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.01. DURECT had a negative net margin of 125.76% and a negative return on equity of 108.92%. The company had revenue of $4.13 million during the quarter, compared to the consensus estimate of $3.50 million. On average, analysts expect that DURECT Co. will post -0.19 EPS for the current fiscal year.



Several hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James & Associates purchased a new stake in shares of DURECT during the 4th quarter worth about $171,000. Vanguard Group Inc. grew its holdings in shares of DURECT by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 7,097,974 shares of the specialty pharmaceutical company’s stock worth $7,808,000 after purchasing an additional 163,148 shares during the period. Deutsche Bank AG grew its holdings in shares of DURECT by 19.1% during the 4th quarter. Deutsche Bank AG now owns 840,772 shares of the specialty pharmaceutical company’s stock worth $405,000 after purchasing an additional 134,548 shares during the period. SG Americas Securities LLC grew its holdings in shares of DURECT by 95.0% during the 1st quarter. SG Americas Securities LLC now owns 274,459 shares of the specialty pharmaceutical company’s stock worth $172,000 after purchasing an additional 133,714 shares during the period. Finally, Ironwood Investment Management LLC grew its holdings in shares of DURECT by 32.0% during the 1st quarter. Ironwood Investment Management LLC now owns 533,508 shares of the specialty pharmaceutical company’s stock worth $334,000 after purchasing an additional 129,413 shares during the period. 44.38% of the stock is owned by institutional investors.

Separately, HC Wainwright reaffirmed a “buy” rating and set a $3.50 price objective on shares of DURECT in a research note on Thursday, May 9th.

DURECT Company Profile

DURECT Corporation, a biopharmaceutical company, researches and develops medicines based on its epigenetic regulator and pharmaceutical programs. The company offers ALZET product line that consists of osmotic pumps and accessories used for experimental research in mice, rats, and other laboratory animals; and a range of biodegradable polymers for pharmaceutical and medical device clients for use as raw materials in their products under the LACTEL brand.

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