Investors Purchase Large Volume of Call Options on Depomed (DEPO)
Depomed, Inc. (NASDAQ:DEPO) was the recipient of unusually large options trading on Tuesday. Traders bought 1,897 call options on the company. This represents an increase of approximately 997% compared to the typical volume of 173 call options.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Depomed by 14.6% in the 1st quarter. Vanguard Group Inc. now owns 4,791,200 shares of the specialty pharmaceutical company’s stock valued at $60,129,000 after purchasing an additional 609,722 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Depomed by 0.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,321,109 shares of the specialty pharmaceutical company’s stock valued at $13,439,000 after purchasing an additional 14,791 shares in the last quarter. State of Wisconsin Investment Board lifted its stake in shares of Depomed by 85.4% in the 3rd quarter. State of Wisconsin Investment Board now owns 955,200 shares of the specialty pharmaceutical company’s stock valued at $5,531,000 after purchasing an additional 440,000 shares in the last quarter. HighTower Advisors LLC lifted its stake in shares of Depomed by 3.2% in the 2nd quarter. HighTower Advisors LLC now owns 920,921 shares of the specialty pharmaceutical company’s stock valued at $9,883,000 after purchasing an additional 28,893 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Depomed by 2.8% in the 2nd quarter. Principal Financial Group Inc. now owns 487,057 shares of the specialty pharmaceutical company’s stock valued at $5,231,000 after purchasing an additional 13,330 shares in the last quarter. 90.99% of the stock is currently owned by institutional investors and hedge funds.
DEPO has been the topic of a number of research analyst reports. Piper Jaffray Companies reissued a “hold” rating and issued a $9.00 price target on shares of Depomed in a research note on Sunday, September 10th. ValuEngine raised Depomed from a “strong sell” rating to a “sell” rating in a research note on Monday, September 11th. Mizuho reissued a “neutral” rating and issued a $6.00 price target (down from $11.00) on shares of Depomed in a research note on Friday, October 13th. Royal Bank Of Canada set a $10.00 price target on Depomed and gave the stock a “hold” rating in a research note on Friday, October 20th. Finally, Morgan Stanley raised Depomed from an “underweight” rating to an “equal weight” rating in a research note on Thursday, November 9th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. Depomed currently has an average rating of “Hold” and an average target price of $11.34.
Depomed (NASDAQ:DEPO) last released its quarterly earnings data on Tuesday, November 7th. The specialty pharmaceutical company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.02. The business had revenue of $95.40 million for the quarter, compared to analyst estimates of $99.11 million. Depomed had a negative return on equity of 51.07% and a negative net margin of 27.73%. The company’s revenue was down 13.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.28 EPS. research analysts predict that Depomed will post -1.34 EPS for the current year.
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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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