Durect stock soars 34% after it gets FDA approval for surgical pain treatment

Published: Feb. 2, 2021 at 8:28 a.m. ET

By

Jaimy Lee

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DRRX

+23.33%

SPX

+1.39%

Shares of Durect Corp. DRRX, +23.33% gained 34.3% in premarket trading on Tuesday after the company said its drug, Posimer, had been approved by the Food and Drug Administration as a treatment for pain after a certain type of shoulder surgery. The drug is not an opioid. The company said that more than 600,000 arthroscopic subacromial decompression surgeries are performed in the U.S. each year. Durect's stock is up 9.4% over the past year, while the S&P 500 SPX, +1.39% has gained 17.0%.

Square seems to be picking up Cash App users amid 'Robinhood drama,' says analyst

Square Inc.'s undefined Cash App seems to be the primary beneficiary of the recent user backlash against Robinhood, according to an analyst. Mizuho analyst Dan Dolev said that his recent survey of retail investors found that Square picked up the most users among those who left Robinhood's platform due to complaints over the company's decision to limit purchases late last week of hot stocks like GameStop Corp. undefined and AMC Entertainment Holdings Inc. undefined amid a retail investing frenzy. Almost 40% of those surveyed by Mizuho said they moved to Square's Cash App, which allows users to buy and sell stocks, and about a third of those who switched to Square were new users to the platform, Dolev wrote. Square picked up more users from the Robinhood backlash than Stash, Fidelity, or any of the other platforms that Mizuho looked at through the survey of about 80 retail investors. Square shares are up about 2% in midday trading Monday and they're up 42% over the past three months as the S&P 500 undefined has risen 16%.