DURECT (NASDAQ:DRRX) Stock Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• DURECT Corporation's stock price has surpassed its 200-day moving average of $0.77, reaching a high of $1.88 before closing at $1.87 with a total volume of 139,725 shares traded.
• Analysts have recently issued a "sell" rating on the stock, with Northland Capital Markets downgrading it from a "strong-buy" to a "hold" rating.
• Institutional investors have increased their holdings in DURECT, with notable raises including Dalton Investments boosting their stake by 45.4% in the second quarter.

Shares of DURECT Corporation (NASDAQ:DRRX - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.77 and traded as high as $1.88. DURECT shares last traded at $1.87, with a volume of 139,725 shares changing hands.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Wall Street Zen assumed coverage on shares of DURECT in a research note on Thursday, May 22nd. They set a "sell" rating on the stock. Northland Capmk cut shares of DURECT from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 29th.

DURECT Price Performance

The business's 50 day simple moving average is $0.83 and its two-hundred day simple moving average is $0.77. The stock has a market cap of $58.05 million, a P/E ratio of -12.47 and a beta of 0.83.

Hedge Funds Weigh In On DURECT

Hedge funds have recently modified their holdings of the business. Jane Street Group LLC lifted its holdings in shares of DURECT by 266.0% during the fourth quarter. Jane Street Group LLC now owns 39,196 shares of the specialty pharmaceutical company's stock worth $29,000 after purchasing an additional 28,486 shares during the period. Beirne Wealth Consulting Services LLC lifted its holdings in shares of DURECT by 6.0% during the second quarter. Beirne Wealth Consulting Services LLC now owns 314,150 shares of the specialty pharmaceutical company's stock worth $200,000 after purchasing an additional 17,800 shares during the period. Dalton Investments Inc. lifted its holdings in shares of DURECT by 109.1% during the first quarter. Dalton Investments Inc. now owns 512,312 shares of the specialty pharmaceutical company's stock worth $411,000 after purchasing an additional 267,312 shares during the period. Ingalls & Snyder LLC lifted its holdings in shares of DURECT by 1.1% during the second quarter. Ingalls & Snyder LLC now owns 1,349,435 shares of the specialty pharmaceutical company's stock worth $857,000 after purchasing an additional 14,637 shares during the period. Finally, Richmond Brothers Inc. lifted its holdings in shares of DURECT by 8.0% during the second quarter. Richmond Brothers Inc. now owns 1,453,735 shares of the specialty pharmaceutical company's stock worth $923,000 after purchasing an additional 107,329 shares during the period. Institutional investors and hedge funds own 28.03% of the company's stock.

DURECT Company Profile

DURECT Corporation, a biopharmaceutical company, develops medicines based on its epigenetic regulator program. The company's lead product larsucosterol (DUR-928), an endogenous, orally bioavailable small molecule that is in Phase IIb clinical trial to play a regulatory role in lipid metabolism, stress and inflammatory responses, and cell death and survival to treat alcohol-associated hepatitis, as well as completed Phase Ib clinical trial to treat patients with nonalcoholic steatohepatitis.