In a report released today, Ed Arce from H.C. Wainwright maintained a Buy rating on Durect Corp (NASDAQ: DRRX), with a price target of $3. The company’s shares closed yesterday at $1.08.
Arce said:
“A reflective decision to scale back. Yesterday, before market open, DURECT announced the appointment of Michael H. Arenberg as CFO, effective October 15, succeeding Matt Hogan who has served as CFO for the past 12 years. Importantly, Mr. Hogan has agreed to remain engaged as an active consultant to the company for six months (not just on a sporadic, ad-hoc basis) to advise and support the transition. Mr. Hogan has decided to devote more time to his family and other activities, including philanthropy. We spoke with management yesterday and were assured that Matt has no intention of joining another company as CFO, nor was his decision based on any disagreement with management, corporate strategy or any development programs. We believe many investors are likely to view this transition to Mr.”
According to TipRanks.com, Arce is a 5-star analyst with an average return of 21.3% and a 44.3% success rate. Arce covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Melinta Therapeutics Inc, and Collegium Pharmaceutical.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Durect Corp with a $3 average price target.
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The company has a one-year high of $2.55 and a one-year low of $0.75. Currently, Durect Corp has an average volume of 466.5K.
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DURECT Corp. is a biopharmaceutical company, which engages in the research, development, and manufacturing of pharmaceutical products. Its product pipeline consists of multiple investigational drug candidates in clinical development.
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