Durect price target lowered to $27 from $32 at H.C. Wainwright

H.C. Wainwright analyst Ed Arce lowered the firm’s price target on Durect to $27 from $32 and keeps a Buy rating on the shares post the Q2 report. The analyst continues to have high confidence in a successful AHFIRM trial, with a potential new drug application filing next year. Given the unmet medical need in alcohol-associated hepatitis and the potential mortality benefit on larsucosterol, the FDA would accept a submission next year, on the basis of positive AHFIRM data, the analyst tells investors in a research note.