Depomed Inc. (DEPO) Receives “Buy” Rating from Janney Montgomery Scott
Depomed Inc. (NASDAQ:DEPO)‘s stock had its “buy” rating restated by Janney Montgomery Scott in a research report issued on Monday. They presently have a $31.00 price objective on the specialty pharmaceutical company’s stock. Janney Montgomery Scott’s target price would indicate a potential upside of 28.68% from the stock’s previous close.
A number of other brokerages have also weighed in on DEPO. Leerink Swann restated a “positive” rating on shares of Depomed in a research note on Monday, July 18th. Cantor Fitzgerald restated a “buy” rating on shares of Depomed in a research note on Wednesday, June 22nd. Piper Jaffray Cos. lowered Depomed from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $21.00 to $18.00 in a research note on Wednesday, July 27th. Royal Bank Of Canada restated a “hold” rating on shares of Depomed in a research note on Monday, July 11th. Finally, JMP Securities dropped their price target on Depomed from $28.00 to $22.00 and set a “market outperform” rating on the stock in a research note on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $23.14.
Shares of Depomed (NASDAQ:DEPO) traded down 0.50% during trading on Monday, hitting $23.97. 231,577 shares of the stock traded hands. The firm’s market cap is $1.47 billion. Depomed has a 52-week low of $12.25 and a 52-week high of $27.02. The stock has a 50 day moving average of $23.28 and a 200 day moving average of $19.85.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/17/depomed-inc-depo-receives-buy-rating-from-janney-montgomery-scott.html
Depomed (NASDAQ:DEPO) last announced its earnings results on Wednesday, August 3rd. The specialty pharmaceutical company reported $0.27 EPS for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.01. The business earned $116.70 million during the quarter, compared to the consensus estimate of $118.20 million. Depomed had a negative net margin of 16.89% and a positive return on equity of 3.71%. The firm’s revenue was up 23.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.27 earnings per share. Analysts expect that Depomed will post $1.19 EPS for the current year.
In other news, CFO August J. Moretti sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $21.40, for a total transaction of $107,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Thadd M. Vargas sold 11,250 shares of the company’s stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $25.00, for a total value of $281,250.00. Following the transaction, the vice president now directly owns 73,086 shares of the company’s stock, valued at $1,827,150. The disclosure for this sale can be found here. 5.12% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Depomed by 197.5% in the second quarter. BlackRock Inc. now owns 5,137 shares of the specialty pharmaceutical company’s stock valued at $101,000 after buying an additional 3,410 shares during the last quarter. PineBridge Investments L.P. increased its position in shares of Depomed by 4.1% in the second quarter. PineBridge Investments L.P. now owns 7,748 shares of the specialty pharmaceutical company’s stock valued at $152,000 after buying an additional 306 shares during the last quarter. DIAM Co. Ltd. acquired a new position in shares of Depomed during the second quarter valued at $157,000. Teacher Retirement System of Texas increased its position in shares of Depomed by 13.7% in the second quarter. Teacher Retirement System of Texas now owns 8,482 shares of the specialty pharmaceutical company’s stock valued at $166,000 after buying an additional 1,024 shares during the last quarter. Finally, Royal Bank of Canada increased its position in shares of Depomed by 6.2% in the first quarter. Royal Bank of Canada now owns 13,301 shares of the specialty pharmaceutical company’s stock valued at $186,000 after buying an additional 775 shares during the last quarter.
Depomed Company Profile
Receive News & Ratings for Depomed Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Depomed Inc. and related companies with MarketBeat.com's FREE daily email newsletter.