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Depomed (NASDAQ:DEPO) shares hit a new 52-week high during mid-day trading on Wednesday , American Banking and Market News reports. The stock traded as high as $15.46 and last traded at $15.43, with a volume of 500,257 shares. The stock had previously closed at $15.10.

Separately, analysts at WallachBeth Capital initiated coverage on shares of Depomed in a research note on Thursday, July 10th. They set a “buy” rating and a $17.00 price target on the stock.

The stock has a 50-day moving average of $12.39 and a 200-day moving average of $12.92. The company has a market cap of $904.0 million and a price-to-earnings ratio of 11.36. Depomed also was the recipient of a significant increase in short interest during the month of August. As of August 15th, there was short interest totalling 5,028,255 shares, an increase of 21.7% from the July 31st total of 4,132,405 shares. Currently, 8.7% of the shares of the company are sold short. Based on an average daily trading volume, of 913,288 shares, the short-interest ratio is currently 5.5 days.

Depomed (NASDAQ:DEPO) last released its earnings data on Wednesday, August 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.07. The company had revenue of $67.70 million for the quarter, compared to the consensus estimate of $38.03 million. During the same quarter in the previous year, the company posted $0.01 earnings per share. The company’s revenue for the quarter was up 126.1% on a year-over-year basis. Analysts expect that Depomed will post $0.47 EPS for the current fiscal year.

Depomed, Inc (NASDAQ:DEPO) is a specialty pharmaceutical company initially focused on neurology, pain and other diseases of the central nervous system.

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