Oppenheimer Starts Durect Corp (DRRX) at Outperform

Oppenheimer analyst Francois Brisebois initiates coverage on Durect Corp (NASDAQ: DRRX) with a Outperform rating and a price target of $7.00.

The analyst comments "After several years of promising results, we believe DRRX's endogenous small molecule epigenetic regulator DUR-928 has finally found its home in the treatment of Alcoholic Hepatitis (AH). Given a high level of mortality (26% 1-month rate) and no viable treatment options, we believe DUR-928's fairly early robust Phase 2a efficacy and safety data could have it attacking this ~ $3B market opportunity with peak penetration as early as 2025. DRRX intends to initiate its AH Phase 2b in 2H20. Additionally, DRRX recently announced the initiation of a Phase 2 trial of DUR-928 for COVID-19 patients with acute liver or kidney injury. As DRRX's main value driver is about to enter its potentially pivotal trial, we initiate coverage with an Outperform and a $7 price target."

For an analyst ratings summary and ratings history on Durect Corp click here. For more ratings news on Durect Corp click here.

Shares of Durect Corp closed at $1.97 yesterday.

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