DURECT (NASDAQ:DRRX) Stock Crosses Above 200 Day Moving Average - What's Next?

Key Points

• DURECT Corporation's stock price recently surpassed its 200-day moving average, with shares trading as high as $1.91 and last noted at $1.87.
• Wall Street analysts have issued a "sell" rating for DURECT, indicating potential concerns about the stock's future performance.
• Institutional investors and hedge funds now own 28.03% of DURECT, with some such as Jane Street Group significantly increasing their holdings.

DURECT Corporation (NASDAQ:DRRX - Get Free Report) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.72 and traded as high as $1.91. DURECT shares last traded at $1.87, with a volume of 1,092,676 shares.

Analyst Upgrades and Downgrades

Several analysts have issued reports on DRRX shares. Northland Capmk cut shares of DURECT from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 29th. Wall Street Zen started coverage on shares of DURECT in a research note on Thursday, May 22nd. They issued a "sell" rating on the stock.

DURECT Stock Performance

The business's 50-day moving average is $0.72 and its 200 day moving average is $0.74. The company has a market cap of $57.43 million, a PE ratio of -12.33 and a beta of 0.83.

Hedge Funds Weigh In On DURECT

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Jane Street Group LLC grew 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 valued at $29,000 after buying an additional 28,486 shares during the last quarter. Beirne Wealth Consulting Services LLC lifted its position in 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 valued at $200,000 after purchasing an additional 17,800 shares during the period. Dalton Investments Inc. lifted its position in DURECT by 109.1% during the first quarter. Dalton Investments Inc. now owns 512,312 shares of the specialty pharmaceutical company's stock valued at $411,000 after purchasing an additional 267,312 shares during the period. Ingalls & Snyder LLC grew its position in DURECT by 1.1% in the 2nd 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. raised its stake in DURECT by 5.1% during the 1st quarter. Richmond Brothers Inc. now owns 1,346,406 shares of the specialty pharmaceutical company's stock valued at $1,080,000 after buying an additional 65,230 shares during the last quarter. Hedge funds and other institutional investors own 28.03% of the company's stock.

About DURECT

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.