Piper Jaffray Assumes Coverage on DURECT Corporation (DRRX) with a Buy
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Piper Jaffray & Co. assumes coverage on DURECT Corporation (Nasdaq: DRRX) with a Buy. Price target $6.
Piper analyst says, "We believe that the recent decline in DRRX stock (in particular related to the FDA statement of developing a new risk management program for extended-release pain medications) is overdone and we reiterate our Buy rating...Based on management's guidance, we are updating our 2009 estimates. We now project 2009 revenues of $30.9m. Our GAAP EPS for 2009 is now $(0.37)."
DURECT Corporation is a specialty pharmaceutical company focused on the development of pharmaceutical products based on its drug delivery technology platforms.
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