Depomed Inc. (DEPO) Shares Up 3.8%
Depomed Inc. (NASDAQ:DEPO)’s share price shot up 3.8% during mid-day trading on Wednesday . The stock traded as high as $20.66 and last traded at $20.55, with a volume of 1,573,971 shares. The stock had previously closed at $19.80.
Several research firms have issued reports on DEPO. Mizuho lifted their price target on shares of Depomed from $19.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, May 27th. Janney Montgomery Scott lifted their price target on shares of Depomed from $20.13 to $28.00 and gave the stock a “hold” rating in a report on Thursday, May 26th. Cantor Fitzgerald reaffirmed a “buy” rating on shares of Depomed in a report on Wednesday, June 22nd. Vetr lowered shares of Depomed from a “strong-buy” rating to a “sell” rating and set a $16.81 price target on the stock. in a report on Monday, May 9th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $22.00 price objective on shares of Depomed in a report on Monday, May 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. Depomed presently has a consensus rating of “Buy” and an average target price of $22.89.
The stock’s market capitalization is $1.26 billion. The firm has a 50-day moving average price of $19.84 and a 200 day moving average price of $17.04.
Depomed (NASDAQ:DEPO) last announced its quarterly earnings data on Thursday, May 5th. The specialty pharmaceutical company reported $0.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.17 by $0.05. During the same quarter last year, the firm earned ($0.13) EPS. The firm had revenue of $104.60 million for the quarter, compared to analyst estimates of $106.88 million. The company’s quarterly revenue was up 230.0% on a year-over-year basis. Analysts expect that Depomed Inc. will post $1.20 EPS for the current year.
In related news, CFO August J. Moretti sold 5,000 shares of the stock in a transaction on Monday, May 9th. The shares were sold at an average price of $18.00, for a total value of $90,000.00. Following the transaction, the chief financial officer now directly owns 22,879 shares of the company’s stock, valued at approximately $411,822. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Thadd M. Vargas sold 15,000 shares of the stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $20.00, for a total transaction of $300,000.00. Following the completion of the transaction, the vice president now directly owns 109,297 shares in the company, valued at $2,185,940. The disclosure for this sale can be found here.
Several hedge funds and institutional investors recently bought and sold shares of the stock. California State Teachers Retirement System increased its position in Depomed by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 111,108 shares of the specialty pharmaceutical company’s stock worth $2,014,000 after buying an additional 1,793 shares during the period. Numeric Investors LLC increased its position in Depomed by 38.5% in the fourth quarter. Numeric Investors LLC now owns 180,300 shares of the specialty pharmaceutical company’s stock worth $3,269,000 after buying an additional 50,100 shares during the period. Rhumbline Advisers increased its position in Depomed by 11.2% in the fourth quarter. Rhumbline Advisers now owns 79,129 shares of the specialty pharmaceutical company’s stock worth $1,435,000 after buying an additional 7,995 shares during the period. LSV Asset Management bought a new position in Depomed during the fourth quarter worth approximately $5,377,000. Finally, ProShare Advisors LLC increased its position in Depomed by 11.4% in the fourth quarter. ProShare Advisors LLC now owns 58,867 shares of the specialty pharmaceutical company’s stock worth $1,067,000 after buying an additional 6,016 shares during the period.
Depomed, Inc is a specialty pharmaceutical company focused on pain and other central nervous system (CNS) conditions. The Company’s products include Gralise (gabapentin), CAMBIA (diclofenac potassium for oral solution), Zipsor (diclofenac potassium) and Lazanda (fentanyl). Gralise is a once-daily product for the management of postherpetic neuralgia (PHN).
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