CUPERTINO, Calif. (AP) _ Durect Corp. (DRRX) on Monday reported a loss of $9.9 million in its first quarter.
The Cupertino, California-based company said it had a loss of 5 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 4 cents per share.
The specialty pharmaceutical company posted revenue of $2.8 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $4.7 million.
In the final minutes of trading on Monday, the company's shares hit $2.27. A year ago, they were trading at 77 cents.