Depomed, Inc. (NASDAQ:DEPO) Stock Rating Reaffirmed by Piper Jaffray Companies
Depomed, Inc. (NASDAQ:DEPO)‘s stock had its “neutral” rating reaffirmed by research analysts at Piper Jaffray Companies in a report released on Wednesday. They currently have a $9.00 price target on the specialty pharmaceutical company’s stock, down from their previous price target of $10.00. Piper Jaffray Companies’ target price would suggest a potential upside of 49.50% from the company’s previous close.
Several other research firms also recently commented on DEPO. Janney Montgomery Scott reiterated a “buy” rating and issued a $26.00 price objective on shares of Depomed in a research note on Tuesday, April 11th. TheStreet downgraded Depomed from a “c-” rating to a “d+” rating in a research note on Thursday, April 27th. Cantor Fitzgerald set a $14.00 price objective on Depomed and gave the company a “hold” rating in a research note on Monday, May 15th. Royal Bank Of Canada dropped their price objective on Depomed from $19.00 to $13.00 and set a “sector perform” rating on the stock in a research note on Wednesday, May 10th. Finally, BidaskClub downgraded Depomed from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Four analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $14.59.
Shares of Depomed (DEPO) traded down 2.03% during trading on Wednesday, hitting $6.02. The stock had a trading volume of 4,142,686 shares. The company’s 50 day moving average price is $10.54 and its 200 day moving average price is $13.02. The company’s market capitalization is $375.29 million. Depomed has a 52 week low of $5.95 and a 52 week high of $27.02.
Depomed (NASDAQ:DEPO) last posted its quarterly earnings data on Monday, August 7th. The specialty pharmaceutical company reported ($0.43) EPS for the quarter, missing the consensus estimate of $0.09 by $0.52. Depomed had a negative net margin of 26.02% and a negative return on equity of 43.02%. The firm had revenue of $100 million during the quarter, compared to analysts’ expectations of $100.40 million. During the same quarter in the previous year, the company posted $0.27 EPS. Depomed’s revenue for the quarter was down 14.3% on a year-over-year basis. Analysts predict that Depomed will post $0.51 earnings per share for the current year.
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In other Depomed news, insider Arthur J. Higgins bought 15,000 shares of the stock in a transaction on Monday, June 12th. The shares were acquired at an average price of $9.92 per share, with a total value of $148,800.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.59% of the company’s stock.
Large investors have recently modified their holdings of the stock. Hussman Strategic Advisors Inc. acquired a new stake in shares of Depomed during the third quarter worth about $2,499,000. Mackay Shields boosted its stake in shares of Depomed by 139.1% in the fourth quarter. Mackay Shields now owns 16,709,000 shares of the specialty pharmaceutical company’s stock worth $19,038,000 after buying an additional 9,722,000 shares during the last quarter. Comerica Bank boosted its stake in shares of Depomed by 70.7% in the fourth quarter. Comerica Bank now owns 105,536 shares of the specialty pharmaceutical company’s stock worth $1,992,000 after buying an additional 43,720 shares during the last quarter. LSV Asset Management purchased a new position in Depomed during the fourth quarter valued at $5,377,000. Finally, Harvest Management purchased a new position in Depomed during the third quarter valued at $737,000. 91.42% of the stock is currently owned by institutional investors and hedge funds.
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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