Brokerages Expect Depomed Inc (DEPO) Will Announce Quarterly Sales of $88.75 Million

Wall Street brokerages expect Depomed Inc (NASDAQ:DEPO) to report sales of $88.75 million for the current quarter, Zacks reports. Two analysts have made estimates for Depomed’s earnings, with estimates ranging from $85.55 million to $91.95 million. Depomed reported sales of $123.91 million during the same quarter last year, which indicates a negative year over year growth rate of 28.4%. The firm is scheduled to announce its next quarterly earnings report on Tuesday, February 20th.

According to Zacks, analysts expect that Depomed will report full year sales of $88.75 million for the current year, with estimates ranging from $371.86 million to $382.90 million. For the next year, analysts anticipate that the business will report sales of $299.14 million per share, with estimates ranging from $237.28 million to $400.07 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Depomed.

Several equities analysts have commented on DEPO shares. Royal Bank of Canada set a $10.00 target price on shares of Depomed and gave the company a “hold” rating in a report on Friday, October 20th. Morgan Stanley raised shares of Depomed from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 9th. UBS Group raised their target price on shares of Depomed from $6.00 to $7.00 and gave the company a “neutral” rating in a report on Friday, November 10th. Piper Jaffray Companies reissued a “hold” rating and issued a $5.00 target price on shares of Depomed in a report on Friday, November 10th. Finally, Mizuho raised shares of Depomed from a “neutral” rating to a “buy” rating and set a $9.00 target price on the stock in a report on Tuesday, December 5th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $11.64.

Depomed (NASDAQ DEPO) opened at $6.97 on Thursday. The company has a quick ratio of 0.79, a current ratio of 0.83 and a debt-to-equity ratio of 2.90. Depomed has a 1-year low of $4.31 and a 1-year high of $17.86. The company has a market cap of $439.20, a PE ratio of -3.81 and a beta of 1.07.

In related news, insider Arthur J. Higgins purchased 75,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 14th. The shares were bought at an average cost of $8.16 per share, with a total value of $612,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.59% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership bought a new stake in shares of Depomed during the 4th quarter valued at approximately $131,000. Piedmont Investment Advisors LLC bought a new stake in shares of Depomed during the 2nd quarter valued at approximately $145,000. MANA Advisors LLC bought a new stake in shares of Depomed during the 4th quarter valued at approximately $148,000. Teacher Retirement System of Texas bought a new stake in shares of Depomed during the 4th quarter valued at approximately $155,000. Finally, BNP Paribas Arbitrage SA grew its holdings in shares of Depomed by 71.0% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 32,251 shares of the specialty pharmaceutical company’s stock valued at $187,000 after purchasing an additional 13,388 shares during the last quarter. 88.98% of the stock is currently owned by institutional investors.

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About Depomed

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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