Depomed, Inc. (DEPO) Lowered to Underweight at Morgan Stanley
Depomed, Inc. (NASDAQ:DEPO) was downgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research note issued on Tuesday, MarketBeat Ratings reports.
A number of other research analysts have also issued reports on DEPO. Royal Bank Of Canada dropped their price target on shares of Depomed from $13.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Tuesday. Janney Montgomery Scott lowered shares of Depomed from a “buy” rating to a “neutral” rating in a research report on Tuesday. BidaskClub lowered shares of Depomed from a “sell” rating to a “strong sell” rating in a research report on Saturday. ValuEngine upgraded shares of Depomed from a “strong sell” rating to a “sell” rating in a research report on Friday, June 2nd. Finally, Cantor Fitzgerald set a $14.00 target price on shares of Depomed and gave the stock a “hold” rating in a research report on Monday, May 15th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $17.44.
Shares of Depomed (DEPO) traded down 23.73% on Tuesday, reaching $7.04. 8,599,436 shares of the company were exchanged. Depomed has a 52-week low of $6.15 and a 52-week high of $27.02. The company’s market capitalization is $438.88 million. The stock has a 50 day moving average of $10.55 and a 200-day moving average of $13.10.
Depomed (NASDAQ:DEPO) last issued its quarterly earnings results on Monday, August 7th. The specialty pharmaceutical company reported ($0.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by $0.52. Depomed had a negative return on equity of 25.33% and a negative net margin of 21.41%. The firm had revenue of $100 million for the quarter, compared to analyst estimates of $100.40 million. During the same quarter last year, the firm earned $0.27 earnings per share. The company’s revenue was down 14.3% compared to the same quarter last year. On average, analysts predict that Depomed will post $0.62 EPS for the current fiscal year.
In related news, insider Arthur J. Higgins bought 15,000 shares of the stock in a transaction on Monday, June 12th. The shares were bought at an average cost of $9.92 per share, for a total transaction of $148,800.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.59% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank bought a new position in shares of Depomed during the fourth quarter valued at $13,075,000. Creative Planning raised its position in shares of Depomed by 0.5% in the first quarter. Creative Planning now owns 40,245 shares of the specialty pharmaceutical company’s stock valued at $505,000 after buying an additional 185 shares during the last quarter. Louisiana State Employees Retirement System raised its position in shares of Depomed by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 25,300 shares of the specialty pharmaceutical company’s stock valued at $318,000 after buying an additional 500 shares during the last quarter. Perkins Capital Management Inc. raised its position in shares of Depomed by 3.7% in the first quarter. Perkins Capital Management Inc. now owns 75,667 shares of the specialty pharmaceutical company’s stock valued at $950,000 after buying an additional 2,667 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new position in shares of Depomed during the first quarter valued at $494,000. Institutional investors own 91.42% of the company’s stock.
Depomed, Inc is a specialty pharmaceutical company. The Company focuses on pain and other central nervous system (CNS) conditions. Its products include NUCYNTA ER (tapentadol extended release tablets), NUCYNTA IR (NUCYNTA) (tapentadol), Gralise (gabapentin), CAMBIA (diclofenac potassium for oral solution), Zipsor (diclofenac potassium) and Lazanda (fentanyl).
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