DURECT (NASDAQ:DRRX) Shares Up 13.9% Following Insider Buying Activity

DURECT Co. (NASDAQ:DRRX) shares shot up 13.9% on Monday after an insider bought additional shares in the company. The company traded as high as $0.62 and last traded at $0.70. 1,508,099 shares were traded during mid-day trading, an increase of 145% from the average session volume of 614,670 shares. The stock had previously closed at $0.61.

Specifically, Director Jon S. Saxe acquired 40,400 shares of the stock in a transaction dated Monday, May 13th. The stock was acquired at an average cost of $0.70 per share, for a total transaction of $28,280.00. Following the completion of the purchase, the director now owns 27,810 shares of the company’s stock, valued at approximately $19,467. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder First Eagle Investment Managem acquired 4,000,000 shares of the stock in a transaction dated Thursday, June 20th. The shares were bought at an average price of $0.52 per share, with a total value of $2,080,000.00. The disclosure for this purchase can be found here. Insiders have bought 4,095,400 shares of company stock valued at $2,140,930 over the last quarter. Insiders own 10.20% of the company’s stock.

Separately, HC Wainwright restated a “buy” rating on shares of DURECT in a research report on Thursday, April 18th.

The firm has a market cap of $99.04 million, a P/E ratio of -4.10 and a beta of 1.88. The business’s 50-day simple moving average is $0.62. The company has a debt-to-equity ratio of 1.82, a current ratio of 3.74 and a quick ratio of 3.39.

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

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA lifted its position in DURECT by 1,420.0% during the first quarter. BNP Paribas Arbitrage SA now owns 42,545 shares of the specialty pharmaceutical company’s stock valued at $27,000 after purchasing an additional 39,746 shares during the period. Prudential Financial Inc. lifted its position in DURECT by 541.8% during the fourth quarter. Prudential Financial Inc. now owns 89,460 shares of the specialty pharmaceutical company’s stock valued at $43,000 after purchasing an additional 75,520 shares during the period. SG Americas Securities LLC lifted its position in DURECT by 787.0% during the fourth quarter. SG Americas Securities LLC now owns 140,745 shares of the specialty pharmaceutical company’s stock valued at $68,000 after purchasing an additional 124,878 shares during the period. Rhumbline Advisers lifted its position in DURECT by 44.6% during the fourth quarter. Rhumbline Advisers now owns 204,285 shares of the specialty pharmaceutical company’s stock valued at $99,000 after purchasing an additional 62,985 shares during the period. Finally, Raymond James & Associates acquired a new position in DURECT during the fourth quarter valued at $171,000. Institutional investors own 44.38% of the company’s stock.

About DURECT (NASDAQ:DRRX)

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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