Stocks Posting Big Declines: DURECT Corporation (NASDAQ:DRRX) Down 40.88%, Affymax, Inc. (NASDAQ:AFFY) Down 28.18%
Northern, WI 05/10/2013 (GDPInsider) – DURECT Corporation (NASDAQ:DRRX) opened the day’s trading at 0.96 and headed south, presently trading at down 40.88%. The stock has a range of 0.78 and 0.97 and volume is 3.64 million—a massive jump on average trading volume of 517.17K.
Investors seemed to have reacted negatively to the news that DURECT’s drug, Remoxy was under review by Pfizer, the world’s largest drug maker. Remoxy is an investigational drug intended for use to treat moderate-to-severe pain without leading the patient down the road of persistent misuse or abuse. But Remoxy has spent years in development and Pfizer believes that there’s still work to be done before the FDA can approve it. “Given the years of delay, additional cost incurred to bring the program to this point and development work left in the program, there will be much to consider,” said a letter from Pfizer pushed out on May 9, 2013.
Such huge volumes have pushed the RSI of DRRX down to 30.89 and analysts have set a target price of 3.00 for the stock.
Is DRRX a solid investment at these levels? Get exclusive data and trends here.
Affymax, Inc. (NASDAQ:AFFY) is down 28.18% in today’s trading, having started the day at 1.45. The stock had closed previously at 1.81 and the day’s range is 1.27 and 1.52 with a volume of 12.84 million. To say AFFY is on the rocks would be an understatement. The company in a Form 10-Q filed with the SEC indicated that it may be forced to discontinue with operations given the significant operating losses incurred since operations started.
AFFY has a accumulated deficit of $570.4 million to March 31, 2013 and is currently down 12.83% on its 50-day simple moving average. EPS this year is expected to fall by 39.43% and the stock is trading down 95.06% on its 52-week high of 27.74. Executives have made it clear that efforts are on-going to reduce external obligations to third parties. The stock has been downgraded by several investors. On the upside AFFY is still trading above its 20-day simple moving average by 34.98% and the stock is still up 75.64% on its 52-week low.
How Should Investors Trade AFFY Now? Get exclusive insights and updates here.
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