Durect price target lowered to $32 from $35 at H.C. Wainwright

H.C. Wainwright analyst Ed Arce lowered the firm’s price target on Durect to $32 from $35 and keeps a Buy rating on the shares following the Q4 results. The analyst cites equity dilution from the February registered direct offering for the target drop. The firm also deduced projected 2023 Posimir royalty revenue to $6M from $20.7M to reflect a more conservative U.S. launch trajectory based on its conversation with management. Wainwright estimates larsucosterol’s U.S. peak sales potential at $3B to $5B assuming the achievement of 50% market share of severe alcohol-associated hepatitis patients.