Last Friday, the DURECT Corporation (NASDAQ:DRRX) stock had been one of the significant movers and had managed to clock gains of as much as 15% amidst significant action.
Market Reaction
On Friday, DRRX stock soared 15.60% to $0.4739 with more than 3.45 million shares, compared to its average volume of 715k shares. The stock moved within a range of $0.4223 – 0.5341 after opening trade at $0.4348.
Recent Development
While the rally may have been significant, it is also necessary for investors to keep in mind that there was no news about the company on Friday. In fact there has been no news about the company since March 7 this year. At the time, DURECT had announced its financial results for the fourth fiscal quarter as well as the fiscal year, both of which ended on December 31, 2021.
It may be a good time to take a look at some of the highlights. In the fourth quarter, the company generated revenues of $7.3 million and net losses to the tune of $7 million.
However, that was a considerably improved performance from the $2.2 million in revenues and $8.8 million in net losses in the prior year period. Total revenues for the full year came in at $14 million but that was much lower than the revenues of $30.1 million in the prior year period. Investors could do well to keep an eye on the news with regards to DURECT in light of the latest rally.
Traders Review
DRRX stock is trading below the 20-Day and 50-Day Moving averages of $0.51 and $0.51 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.
