Intrinsic value of Durect - DRRX

Previous Close

$1.31

  Intrinsic Value

$20.21

stock screener

  Rating & Target

str. buy

+999%

Previous close

$1.31

 
Intrinsic value

$20.21

 
Up/down potential

+999%

 
Rating

str. buy

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

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  78
  121
  181
  263
  371
  510
  684
  899
  1,156
  1,460
  1,813
  2,217
  2,672
  3,180
  3,739
  4,349
  5,010
  5,719
  6,478
  7,283
  8,134
  9,030
  9,971
  10,955
  11,984
  13,056
  14,173
  15,335
  16,543
  17,798
Variable operating expenses, $m
  52
  80
  120
  174
  245
  336
  451
  593
  762
  963
  1,195
  1,461
  1,760
  2,095
  2,463
  2,865
  3,300
  3,768
  4,267
  4,798
  5,358
  5,949
  6,568
  7,217
  7,894
  8,601
  9,336
  10,102
  10,898
  11,725
Fixed operating expenses, $m
  39
  40
  41
  41
  42
  43
  44
  45
  46
  47
  48
  49
  50
  52
  53
  54
  55
  56
  57
  59
  60
  61
  63
  64
  65
  67
  68
  70
  71
  73
Total operating expenses, $m
  91
  120
  161
  215
  287
  379
  495
  638
  808
  1,010
  1,243
  1,510
  1,810
  2,147
  2,516
  2,919
  3,355
  3,824
  4,324
  4,857
  5,418
  6,010
  6,631
  7,281
  7,959
  8,668
  9,404
  10,172
  10,969
  11,798
Operating income, $m
  -13
  1
  21
  48
  84
  130
  189
  261
  348
  450
  571
  707
  861
  1,033
  1,223
  1,430
  1,654
  1,896
  2,153
  2,426
  2,716
  3,020
  3,340
  3,674
  4,024
  4,388
  4,768
  5,163
  5,574
  6,001
EBITDA, $m
  -11
  3
  24
  52
  90
  138
  200
  275
  366
  473
  598
  741
  902
  1,082
  1,280
  1,497
  1,731
  1,983
  2,252
  2,538
  2,840
  3,158
  3,492
  3,842
  4,207
  4,588
  4,985
  5,398
  5,827
  6,273
Interest expense (income), $m
  2
  2
  3
  6
  9
  14
  21
  29
  40
  53
  68
  87
  108
  132
  160
  190
  224
  261
  301
  344
  390
  438
  489
  544
  600
  660
  722
  787
  854
  924
  997
Earnings before tax, $m
  -14
  -2
  15
  38
  69
  109
  159
  221
  295
  382
  484
  599
  729
  874
  1,033
  1,206
  1,393
  1,595
  1,809
  2,037
  2,278
  2,531
  2,796
  3,074
  3,364
  3,667
  3,981
  4,309
  4,650
  5,004
Tax expense, $m
  0
  0
  4
  10
  19
  29
  43
  60
  80
  103
  131
  162
  197
  236
  279
  326
  376
  431
  488
  550
  615
  683
  755
  830
  908
  990
  1,075
  1,163
  1,255
  1,351
Net income, $m
  -14
  -2
  11
  28
  51
  80
  116
  161
  215
  279
  353
  437
  532
  638
  754
  880
  1,017
  1,164
  1,321
  1,487
  1,663
  1,847
  2,041
  2,244
  2,456
  2,677
  2,906
  3,146
  3,394
  3,653

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  51
  79
  119
  172
  243
  334
  448
  588
  757
  956
  1,187
  1,451
  1,749
  2,081
  2,447
  2,846
  3,278
  3,743
  4,239
  4,766
  5,323
  5,910
  6,525
  7,170
  7,843
  8,544
  9,275
  10,036
  10,826
  11,648
Adjusted assets (=assets-cash), $m
  51
  79
  119
  172
  243
  334
  448
  588
  757
  956
  1,187
  1,451
  1,749
  2,081
  2,447
  2,846
  3,278
  3,743
  4,239
  4,766
  5,323
  5,910
  6,525
  7,170
  7,843
  8,544
  9,275
  10,036
  10,826
  11,648
Revenue / Adjusted assets
  1.529
  1.532
  1.521
  1.529
  1.527
  1.527
  1.527
  1.529
  1.527
  1.527
  1.527
  1.528
  1.528
  1.528
  1.528
  1.528
  1.528
  1.528
  1.528
  1.528
  1.528
  1.528
  1.528
  1.528
  1.528
  1.528
  1.528
  1.528
  1.528
  1.528
Average production assets, $m
  12
  19
  28
  40
  57
  78
  105
  137
  177
  223
  277
  339
  409
  486
  572
  665
  766
  875
  991
  1,114
  1,244
  1,382
  1,526
  1,676
  1,833
  1,998
  2,168
  2,346
  2,531
  2,723
Working capital, $m
  3
  4
  6
  9
  12
  17
  23
  30
  38
  48
  60
  73
  88
  105
  123
  144
  165
  189
  214
  240
  268
  298
  329
  362
  395
  431
  468
  506
  546
  587
Total debt, $m
  27
  48
  77
  118
  171
  240
  326
  432
  560
  710
  885
  1,085
  1,310
  1,561
  1,838
  2,139
  2,466
  2,818
  3,193
  3,591
  4,012
  4,456
  4,921
  5,408
  5,917
  6,447
  7,000
  7,575
  8,173
  8,794
Total liabilities, $m
  39
  60
  90
  130
  183
  252
  339
  445
  572
  723
  897
  1,097
  1,322
  1,573
  1,850
  2,152
  2,479
  2,830
  3,205
  3,603
  4,024
  4,468
  4,933
  5,420
  5,929
  6,460
  7,012
  7,587
  8,185
  8,806
Total equity, $m
  13
  19
  29
  42
  59
  81
  109
  143
  185
  233
  290
  354
  427
  508
  597
  694
  800
  913
  1,034
  1,163
  1,299
  1,442
  1,592
  1,749
  1,914
  2,085
  2,263
  2,449
  2,642
  2,842
Total liabilities and equity, $m
  52
  79
  119
  172
  242
  333
  448
  588
  757
  956
  1,187
  1,451
  1,749
  2,081
  2,447
  2,846
  3,279
  3,743
  4,239
  4,766
  5,323
  5,910
  6,525
  7,169
  7,843
  8,545
  9,275
  10,036
  10,827
  11,648
Debt-to-equity ratio
  2.120
  2.470
  2.680
  2.810
  2.890
  2.950
  2.990
  3.010
  3.030
  3.050
  3.060
  3.060
  3.070
  3.070
  3.080
  3.080
  3.080
  3.090
  3.090
  3.090
  3.090
  3.090
  3.090
  3.090
  3.090
  3.090
  3.090
  3.090
  3.090
  3.090
Adjusted equity ratio
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -14
  -2
  11
  28
  51
  80
  116
  161
  215
  279
  353
  437
  532
  638
  754
  880
  1,017
  1,164
  1,321
  1,487
  1,663
  1,847
  2,041
  2,244
  2,456
  2,677
  2,906
  3,146
  3,394
  3,653
Depreciation, amort., depletion, $m
  2
  2
  3
  5
  6
  8
  11
  14
  18
  23
  28
  34
  41
  49
  57
  67
  77
  88
  99
  111
  124
  138
  153
  168
  183
  200
  217
  235
  253
  272
Funds from operations, $m
  -12
  0
  14
  32
  57
  88
  127
  176
  234
  302
  381
  471
  573
  686
  811
  947
  1,094
  1,252
  1,420
  1,598
  1,787
  1,986
  2,194
  2,412
  2,639
  2,876
  3,123
  3,380
  3,647
  3,925
Change in working capital, $m
  1
  1
  2
  3
  4
  5
  6
  7
  9
  10
  12
  13
  15
  17
  18
  20
  22
  23
  25
  27
  28
  30
  31
  32
  34
  35
  37
  38
  40
  41
Cash from operations, $m
  -13
  -1
  12
  30
  53
  84
  122
  169
  225
  292
  369
  458
  558
  670
  793
  927
  1,072
  1,228
  1,395
  1,572
  1,759
  1,956
  2,163
  2,379
  2,605
  2,841
  3,086
  3,342
  3,607
  3,883
Maintenance CAPEX, $m
  -1
  -1
  -2
  -3
  -4
  -6
  -8
  -10
  -14
  -18
  -22
  -28
  -34
  -41
  -49
  -57
  -67
  -77
  -88
  -99
  -111
  -124
  -138
  -153
  -168
  -183
  -200
  -217
  -235
  -253
New CAPEX, $m
  -4
  -7
  -9
  -12
  -17
  -21
  -27
  -33
  -39
  -47
  -54
  -62
  -70
  -78
  -86
  -93
  -101
  -109
  -116
  -123
  -130
  -137
  -144
  -151
  -157
  -164
  -171
  -178
  -185
  -192
Cash from investing activities, $m
  -5
  -8
  -11
  -15
  -21
  -27
  -35
  -43
  -53
  -65
  -76
  -90
  -104
  -119
  -135
  -150
  -168
  -186
  -204
  -222
  -241
  -261
  -282
  -304
  -325
  -347
  -371
  -395
  -420
  -445
Free cash flow, $m
  -19
  -9
  1
  15
  33
  57
  87
  125
  172
  228
  293
  369
  455
  551
  658
  776
  904
  1,043
  1,191
  1,350
  1,517
  1,694
  1,881
  2,076
  2,280
  2,494
  2,716
  2,947
  3,188
  3,438
Issuance/(repayment) of debt, $m
  14
  21
  30
  40
  53
  69
  86
  106
  127
  150
  175
  200
  225
  251
  277
  302
  327
  351
  375
  398
  421
  443
  465
  487
  509
  531
  553
  575
  598
  621
Issuance/(repurchase) of shares, $m
  19
  9
  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 from financing (excl. dividends), $m  
  33
  30
  30
  40
  53
  69
  86
  106
  127
  150
  175
  200
  225
  251
  277
  302
  327
  351
  375
  398
  421
  443
  465
  487
  509
  531
  553
  575
  598
  621
Total cash flow (excl. dividends), $m
  14
  21
  31
  55
  86
  125
  173
  231
  299
  378
  468
  568
  680
  802
  935
  1,078
  1,231
  1,394
  1,566
  1,748
  1,938
  2,138
  2,346
  2,563
  2,789
  3,024
  3,268
  3,522
  3,786
  4,060
Retained Cash Flow (-), $m
  -19
  -9
  -10
  -13
  -17
  -22
  -28
  -34
  -41
  -49
  -56
  -64
  -73
  -81
  -89
  -97
  -105
  -113
  -121
  -129
  -136
  -143
  -150
  -157
  -164
  -171
  -178
  -186
  -193
  -201
Prev. year cash balance distribution, $m
  14
  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
  3
  4
  6
  10
  14
  20
  27
  36
  48
  61
  77
  96
  118
  142
  169
  198
  230
  266
  303
  343
  386
  431
  479
  528
  581
  635
  692
  751
  813
  877
Cash available for distribution, $m
  9
  12
  21
  42
  69
  103
  146
  197
  258
  330
  411
  504
  607
  721
  846
  981
  1,126
  1,281
  1,445
  1,619
  1,803
  1,995
  2,196
  2,406
  2,625
  2,853
  3,090
  3,337
  3,593
  3,859
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
  9
  11
  19
  35
  53
  75
  98
  123
  148
  173
  195
  215
  231
  242
  248
  249
  245
  236
  223
  206
  186
  166
  144
  123
  102
  83
  66
  52
  39
  29
Current shareholders' claim on cash, %
  77.4
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7
  71.7

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 -5.3
Price to Sales 13.2
Price to Book 23.1
Price to Tangible Book
Price to Cash Flow -6.9
Price to Free Cash Flow -6.9
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 $49 million for the last fiscal year's total revenue generated by Durect. The default revenue input number comes from 2017 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 67.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $38 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 12.2% 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 5.3%.

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 15.3%.

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 3.3%. 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 - $21 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 145 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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COMPANY NEWS

▶ FDA Decision Sends Pain Therapeutics Reeling   [Aug-06-18 03:32PM  Benzinga]
▶ Durect: 2Q Earnings Snapshot   [05:42PM  Associated Press]
▶ Why Durect Corporation Stock Is Spiking Today   [Jul-30-18 11:42AM  Motley Fool]
▶ Durect: 1Q Earnings Snapshot   [May-02-18 06:23PM  Associated Press]
▶ Is DURECT Corporation (NASDAQ:DRRX) Undervalued?   [Mar-12-18 07:58AM  Simply Wall St.]
▶ Durect tops 4Q revenue forecasts   [Mar-01-18 06:31PM  Associated Press]
▶ 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]
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