Why DURECT Corporation (DRRX) stock soared in the after-hours on Friday?

DURECT Corporation (DRRX) shares soared 9.27% in after-hours on Friday, December 17, 2021, and closed the daily trading at $1.04. However, in the regular trading session of Friday, DRRX’s stock lost 2.00%. DRRX shares have fallen 60.84% over the last 12 months, and they have moved down 6.70% in the past week. Over the past three months, the stock has lost 21.35%, while over the past six months, it has declined 44.35%.

Let’s have a look at its recent news and developments.

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DRRX corporate update

On December 14, 2021, DURECT Corporation (DRRX) expanded its board of directors with the appointment of Peter García, a biopharmaceutical industry veteran with over 25 years of financial leadership experience.

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On his appointment, Mr. García said that he is looking forward to working with the DURECT board of directors and management team to provide additional perspective at this pivotal time for the company as it advances its pipeline and prepares for a potential transition from development stage to the commercial stage over the next few years.

DRRX participation in the recent event

DURECT Corporation (DRRX) recently participated in a workshop at the 5th Annual NASH Summit which was held virtually from November 29 to December 2, 2021.

The President and Chief Executive Officer, James E. Brown, D.V.M. discussed key drivers of morbidity and mortality in alcoholic liver disease, and the critical need to develop effective treatments for the growing volume of people affected by alcoholic liver disease, including alcohol-associated hepatitis.

DRRX update about larsucosterol study

On November 10, 2021, DURECT Corporation (DRRX) dosed the first ex-U.S. patient in Australia as part of its AHFIRM randomized, double-blind, placebo-controlled, multi-center Phase 2b study to evaluate the safety and efficacy of larsucosterol in severe alcohol-associated hepatitis (AH) patients.

DRRX latest financial results

On November 2, 2021, DURECT Corporation (DRRX) reported financial results for the three months ended September 30, 2021.

Q3 2021 financial highlights

  • DRRX reported total revenue of $2.2 million in Q3 2021 compared to $$1.8 million in Q3 2020.
  • Total operating expenses were $11.63 million in Q3 2021 compared to $10.64 million in Q3 2020.
  • It suffered a net loss of $10.0 million in the third quarter of 2021 compared to a net loss of $9.3 million for the three months ended September 30, 2020.
  • The company had cash and investments of $80.9 million on September 30, 2021, compared to cash, cash held in escrow, and investments of $56.9 million on December 31, 2020.

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We have no reason whatsoever for its surging in the after-hours on Friday. let’s see how it commences trading on Monday?

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