Piper Jaffray Assumes Coverage on DURECT Corporation (DRRX) with a Buy
DRRX Hot Sheet
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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.
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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