Intrinsic value of Durect - DRRX

Previous Close

$1.20

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$1.20

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of DRRX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -26.32
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  14
  22
  35
  52
  75
  106
  146
  196
  257
  330
  417
  518
  633
  764
  908
  1,068
  1,243
  1,431
  1,634
  1,851
  2,081
  2,324
  2,580
  2,849
  3,130
  3,424
  3,730
  4,049
  4,381
  4,727
  5,085
Variable operating expenses, $m
 
  46
  71
  106
  153
  215
  296
  397
  521
  671
  847
  1,051
  1,285
  1,549
  1,842
  2,166
  2,520
  2,903
  3,314
  3,754
  4,220
  4,713
  5,233
  5,778
  6,348
  6,944
  7,566
  8,213
  8,886
  9,586
  10,314
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  46
  46
  71
  106
  153
  215
  296
  397
  521
  671
  847
  1,051
  1,285
  1,549
  1,842
  2,166
  2,520
  2,903
  3,314
  3,754
  4,220
  4,713
  5,233
  5,778
  6,348
  6,944
  7,566
  8,213
  8,886
  9,586
  10,314
Operating income, $m
  -32
  -24
  -36
  -54
  -78
  -110
  -150
  -202
  -265
  -340
  -430
  -533
  -651
  -785
  -934
  -1,098
  -1,278
  -1,472
  -1,680
  -1,903
  -2,139
  -2,389
  -2,653
  -2,929
  -3,218
  -3,520
  -3,835
  -4,163
  -4,505
  -4,860
  -5,228
EBITDA, $m
  -32
  -23
  -35
  -52
  -76
  -107
  -148
  -198
  -260
  -335
  -423
  -525
  -642
  -774
  -921
  -1,083
  -1,260
  -1,451
  -1,657
  -1,876
  -2,110
  -2,356
  -2,616
  -2,888
  -3,173
  -3,471
  -3,782
  -4,105
  -4,442
  -4,792
  -5,156
Interest expense (income), $m
  2
  0
  1
  2
  4
  6
  9
  12
  17
  23
  29
  37
  47
  57
  70
  83
  98
  114
  132
  150
  170
  192
  214
  238
  263
  289
  316
  345
  374
  405
  437
Earnings before tax, $m
  -35
  -24
  -37
  -56
  -81
  -115
  -159
  -214
  -281
  -363
  -459
  -570
  -698
  -842
  -1,004
  -1,181
  -1,375
  -1,586
  -1,812
  -2,053
  -2,310
  -2,581
  -2,867
  -3,167
  -3,481
  -3,809
  -4,152
  -4,508
  -4,879
  -5,265
  -5,666
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -35
  -24
  -37
  -56
  -81
  -115
  -159
  -214
  -281
  -363
  -459
  -570
  -698
  -842
  -1,004
  -1,181
  -1,375
  -1,586
  -1,812
  -2,053
  -2,310
  -2,581
  -2,867
  -3,167
  -3,481
  -3,809
  -4,152
  -4,508
  -4,879
  -5,265
  -5,666

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  25
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  41
  26
  40
  59
  86
  121
  166
  223
  293
  378
  477
  592
  724
  873
  1,038
  1,221
  1,420
  1,636
  1,868
  2,115
  2,378
  2,656
  2,949
  3,256
  3,577
  3,913
  4,263
  4,628
  5,007
  5,402
  5,812
Adjusted assets (=assets-cash), $m
  16
  26
  40
  59
  86
  121
  166
  223
  293
  378
  477
  592
  724
  873
  1,038
  1,221
  1,420
  1,636
  1,868
  2,115
  2,378
  2,656
  2,949
  3,256
  3,577
  3,913
  4,263
  4,628
  5,007
  5,402
  5,812
Revenue / Adjusted assets
  0.875
  0.846
  0.875
  0.881
  0.872
  0.876
  0.880
  0.879
  0.877
  0.873
  0.874
  0.875
  0.874
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
  0.875
Average production assets, $m
  2
  3
  5
  7
  11
  15
  21
  28
  37
  47
  60
  74
  91
  109
  130
  153
  178
  205
  234
  265
  298
  332
  369
  407
  448
  490
  533
  579
  627
  676
  727
Working capital, $m
  3
  -3
  -5
  -7
  -11
  -15
  -21
  -28
  -37
  -47
  -60
  -74
  -91
  -109
  -130
  -153
  -178
  -205
  -234
  -265
  -298
  -332
  -369
  -407
  -448
  -490
  -533
  -579
  -627
  -676
  -727
Total debt, $m
  20
  8
  19
  35
  57
  85
  122
  168
  225
  294
  374
  468
  575
  696
  830
  978
  1,140
  1,315
  1,503
  1,704
  1,918
  2,144
  2,381
  2,631
  2,892
  3,164
  3,449
  3,745
  4,053
  4,373
  4,706
Total liabilities, $m
  32
  21
  32
  48
  70
  98
  135
  181
  238
  307
  387
  481
  588
  709
  843
  991
  1,153
  1,328
  1,516
  1,717
  1,931
  2,157
  2,394
  2,644
  2,905
  3,177
  3,462
  3,758
  4,066
  4,386
  4,719
Total equity, $m
  8
  5
  7
  11
  16
  23
  31
  42
  55
  71
  90
  111
  136
  164
  195
  230
  267
  308
  351
  398
  447
  499
  554
  612
  673
  736
  801
  870
  941
  1,016
  1,093
Total liabilities and equity, $m
  40
  26
  39
  59
  86
  121
  166
  223
  293
  378
  477
  592
  724
  873
  1,038
  1,221
  1,420
  1,636
  1,867
  2,115
  2,378
  2,656
  2,948
  3,256
  3,578
  3,913
  4,263
  4,628
  5,007
  5,402
  5,812
Debt-to-equity ratio
  2.500
  1.620
  2.570
  3.150
  3.510
  3.750
  3.900
  4.010
  4.080
  4.140
  4.170
  4.200
  4.220
  4.240
  4.250
  4.260
  4.270
  4.280
  4.280
  4.290
  4.290
  4.290
  4.300
  4.300
  4.300
  4.300
  4.300
  4.300
  4.310
  4.310
  4.310
Adjusted equity ratio
  -1.063
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -35
  -24
  -37
  -56
  -81
  -115
  -159
  -214
  -281
  -363
  -459
  -570
  -698
  -842
  -1,004
  -1,181
  -1,375
  -1,586
  -1,812
  -2,053
  -2,310
  -2,581
  -2,867
  -3,167
  -3,481
  -3,809
  -4,152
  -4,508
  -4,879
  -5,265
  -5,666
Depreciation, amort., depletion, $m
  0
  1
  1
  1
  2
  2
  3
  3
  4
  5
  7
  7
  9
  11
  13
  15
  18
  20
  23
  26
  30
  33
  37
  41
  45
  49
  53
  58
  63
  68
  73
Funds from operations, $m
  -23
  -23
  -36
  -54
  -80
  -113
  -156
  -210
  -277
  -357
  -452
  -563
  -689
  -832
  -991
  -1,166
  -1,358
  -1,565
  -1,788
  -2,027
  -2,280
  -2,548
  -2,830
  -3,126
  -3,436
  -3,760
  -4,098
  -4,450
  -4,816
  -5,197
  -5,593
Change in working capital, $m
  4
  -1
  -2
  -2
  -3
  -4
  -6
  -7
  -9
  -11
  -12
  -14
  -16
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -47
  -49
  -51
Cash from operations, $m
  -27
  -22
  -34
  -52
  -76
  -109
  -151
  -203
  -268
  -347
  -440
  -548
  -673
  -813
  -970
  -1,143
  -1,333
  -1,538
  -1,759
  -1,996
  -2,247
  -2,513
  -2,793
  -3,088
  -3,396
  -3,718
  -4,055
  -4,405
  -4,769
  -5,148
  -5,542
Maintenance CAPEX, $m
  0
  0
  0
  0
  -1
  -1
  -2
  -2
  -3
  -4
  -5
  -6
  -7
  -9
  -11
  -13
  -15
  -18
  -20
  -23
  -26
  -30
  -33
  -37
  -41
  -45
  -49
  -53
  -58
  -63
  -68
New CAPEX, $m
  0
  -1
  -2
  -2
  -3
  -4
  -6
  -7
  -9
  -11
  -12
  -14
  -16
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -47
  -49
  -51
Cash from investing activities, $m
  6
  -1
  -2
  -2
  -4
  -5
  -8
  -9
  -12
  -15
  -17
  -20
  -23
  -28
  -32
  -36
  -40
  -45
  -49
  -54
  -59
  -65
  -70
  -75
  -81
  -87
  -93
  -99
  -105
  -112
  -119
Free cash flow, $m
  -21
  -23
  -36
  -55
  -80
  -114
  -158
  -213
  -280
  -361
  -457
  -569
  -696
  -841
  -1,001
  -1,179
  -1,373
  -1,583
  -1,809
  -2,050
  -2,307
  -2,578
  -2,863
  -3,163
  -3,477
  -3,805
  -4,147
  -4,504
  -4,874
  -5,260
  -5,661
Issuance/(repayment) of debt, $m
  23
  8
  11
  16
  22
  29
  37
  46
  57
  68
  81
  94
  107
  121
  134
  148
  162
  175
  188
  201
  213
  226
  238
  249
  261
  273
  284
  296
  308
  320
  333
Issuance/(repurchase) of shares, $m
  0
  25
  40
  59
  86
  122
  167
  225
  295
  379
  478
  592
  723
  870
  1,035
  1,216
  1,413
  1,626
  1,855
  2,100
  2,359
  2,633
  2,922
  3,225
  3,542
  3,873
  4,218
  4,577
  4,950
  5,339
  5,743
Cash from financing (excl. dividends), $m  
  23
  33
  51
  75
  108
  151
  204
  271
  352
  447
  559
  686
  830
  991
  1,169
  1,364
  1,575
  1,801
  2,043
  2,301
  2,572
  2,859
  3,160
  3,474
  3,803
  4,146
  4,502
  4,873
  5,258
  5,659
  6,076
Total cash flow (excl. dividends), $m
  2
  10
  15
  20
  28
  36
  47
  58
  71
  86
  101
  117
  133
  151
  168
  185
  202
  218
  235
  251
  266
  281
  296
  311
  326
  340
  355
  369
  384
  399
  415
Retained Cash Flow (-), $m
  7
  -25
  -40
  -59
  -86
  -122
  -167
  -225
  -295
  -379
  -478
  -592
  -723
  -870
  -1,035
  -1,216
  -1,413
  -1,626
  -1,855
  -2,100
  -2,359
  -2,633
  -2,922
  -3,225
  -3,542
  -3,873
  -4,218
  -4,577
  -4,950
  -5,339
  -5,743
Prev. year cash balance distribution, $m
 
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -10
  -25
  -39
  -59
  -86
  -121
  -166
  -223
  -293
  -376
  -475
  -589
  -720
  -867
  -1,031
  -1,211
  -1,408
  -1,621
  -1,849
  -2,093
  -2,352
  -2,626
  -2,914
  -3,216
  -3,533
  -3,863
  -4,208
  -4,566
  -4,940
  -5,328
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -10
  -23
  -34
  -48
  -66
  -88
  -112
  -139
  -168
  -197
  -226
  -252
  -274
  -291
  -303
  -308
  -306
  -298
  -285
  -266
  -243
  -218
  -191
  -164
  -137
  -113
  -90
  -71
  -54
  -40
Current shareholders' claim on cash, %
  100
  54.1
  29.7
  16.5
  9.3
  5.3
  3.1
  1.8
  1.0
  0.6
  0.4
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Durect Corporation is a biopharmaceutical company with research and development programs. The Company's products candidates include DUR-928, oral for metabolic/lipid disorders, and DUR-928, injectable for acute organ injuries. Its other product candidates include POSIMIR (controlled release injection of bupivacaine), REMOXY (oral controlled release oxycodone), ORADUR-ADHD, ELADUR (controlled release injection of bupivicane), Relday (risperidone), ORADUR-based opioid (hydromorphone) and SABER-based ophthalmic. The Company's ALZET product line consists of miniature, implantable osmotic pumps and accessories used for experimental research in mice, rats and other laboratory animals. The Company also manufactures and sells osmotic pumps used in laboratory research and design; and develops and manufactures a range of standard and custom biodegradable polymers and excipients for pharmaceutical and medical device clients for use as raw materials in their products.

FINANCIAL RATIOS  of  Durect (DRRX)

Valuation Ratios
P/E Ratio -4.8
Price to Sales 12.1
Price to Book 21.2
Price to Tangible Book
Price to Cash Flow -6.3
Price to Free Cash Flow -6.3
Growth Rates
Sales Growth Rate -26.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 250%
Interest Coverage -17
Management Effectiveness
Return On Assets -75%
Ret/ On Assets - 3 Yr. Avg. -54.8%
Return On Total Capital -111.1%
Ret/ On T. Cap. - 3 Yr. Avg. -78.7%
Return On Equity -304.3%
Return On Equity - 3 Yr. Avg. -175.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 64.3%
Gross Margin - 3 Yr. Avg. 72.3%
EBITDA Margin -235.7%
EBITDA Margin - 3 Yr. Avg. -150.5%
Operating Margin -228.6%
Oper. Margin - 3 Yr. Avg. -149.9%
Pre-Tax Margin -250%
Pre-Tax Margin - 3 Yr. Avg. -162.3%
Net Profit Margin -250%
Net Profit Margin - 3 Yr. Avg. -162.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

DRRX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DRRX stock intrinsic value calculation we used $14 million for the last fiscal year's total revenue generated by Durect. The default revenue input number comes from 2016 income statement of Durect. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our DRRX stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for DRRX is calculated based on our internal credit rating of Durect, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Durect.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of DRRX stock the variable cost ratio is equal to 207.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for DRRX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 10% for Durect.

Corporate tax rate of 27% is the nominal tax rate for Durect. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the DRRX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for DRRX are equal to 14.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Durect operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for DRRX is equal to -14.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $8 million for Durect - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 151.497 million for Durect is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Durect at the current share price and the inputted number of shares is $0.2 billion.

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JNJ Johnson&Johnso 147.36 146.14  hold
LLY Eli Lilly 85.49 111.38  buy
BMY Bristol-Myers 62.28 20.77  str.sell
EGLT Egalet 0.960 0.03  str.sell
CORI Corium Interna 13.63 0.11  str.sell

COMPANY NEWS

▶ ETFs with exposure to DURECT Corp. : December 11, 2017   [Dec-11-17 01:47PM  Capital Cube]
▶ ETFs with exposure to DURECT Corp. : December 1, 2017   [Dec-01-17 10:36AM  Capital Cube]
▶ ETFs with exposure to DURECT Corp. : November 20, 2017   [Nov-20-17 12:15PM  Capital Cube]
▶ ETFs with exposure to DURECT Corp. : November 8, 2017   [Nov-08-17 05:58PM  Capital Cube]
▶ DRRX: Focus will be Shifted to DUR-928 Programs   [Nov-02-17 05:00PM  Zacks Small Cap Research]
▶ Durect tops Street 3Q forecasts   [Nov-01-17 05:47PM  Associated Press]
▶ DURECT Corporation (DRRX) Shares Collapse Heres Why   [Oct-20-17 09:54AM  SmarterAnalyst]
▶ ETFs with exposure to DURECT Corp. : October 16, 2017   [Oct-16-17 09:51AM  Capital Cube]
▶ ETFs with exposure to DURECT Corp. : October 5, 2017   [Oct-05-17 10:58AM  Capital Cube]
▶ DURECT (DRRX): A $17.5 Million Patent Purchase Agreement with Indivior PLC   [Oct-03-17 08:00AM  Zacks Small Cap Research]
▶ DURECT to Participate in Upcoming Healthcare Conferences   [Sep-05-17 04:15PM  PR Newswire]
▶ DRRX: A $293 Million Deal with Sandoz for POSIMIR® in the United States   [Aug-10-17 02:00PM  Zacks Small Cap Research]
▶ Durect reports 2Q loss   [Aug-08-17 11:56PM  Associated Press]
▶ ETFs with exposure to DURECT Corp. : July 10, 2017   [Jul-10-17 02:20PM  Capital Cube]
▶ ETFs with exposure to DURECT Corp. : May 26, 2017   [May-26-17 01:05PM  Capital Cube]
▶ ETFs with exposure to DURECT Corp. : May 15, 2017   [May-15-17 03:35PM  Capital Cube]
▶ Durect reports 1Q loss   [May-10-17 05:34PM  Associated Press]
▶ ETFs with exposure to DURECT Corp. : April 27, 2017   [Apr-27-17 03:56PM  Capital Cube]
▶ ETFs with exposure to DURECT Corp. : March 27, 2017   [Mar-27-17 03:55PM  Capital Cube]
▶ Durect reports 4Q loss   [Mar-14-17 04:44PM  Associated Press]
▶ DRRX: Update on DUR-928 Development Program   [Feb-15-17 12:00PM  Zacks Small Cap Research]
▶ How DURECT Corporation (DRRX) Stacks Up Against Its Peers   [Dec-15-16 08:18PM  at Insider Monkey]
Financial statements of DRRX
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