Depomed, Inc. (NASDAQ:DEPO) Sets New 12-Month Low Following Weak Earnings
Shares of Depomed, Inc. (NASDAQ:DEPO) hit a new 52-week low during mid-day trading on Monday following a dissappointing earnings announcement. The stock traded as low as $9.19 and last traded at $9.18, with a volume of 851,923 shares trading hands. The stock had previously closed at $9.47.
The specialty pharmaceutical company reported ($0.43) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by $0.52. Depomed had a negative return on equity of 43.02% and a negative net margin of 26.02%. The business had revenue of $100 million during the quarter, compared to analyst estimates of $100.40 million. During the same period last year, the company earned $0.27 EPS. The business’s revenue for the quarter was down 14.3% on a year-over-year basis.
Several research analysts recently issued reports on DEPO shares. Janney Montgomery Scott reissued a “buy” rating and issued a $26.00 price target on shares of Depomed in a research report on Tuesday, April 11th. TheStreet lowered shares of Depomed from a “c-” rating to a “d+” rating in a report on Thursday, April 27th. Royal Bank Of Canada set a $13.00 price objective on shares of Depomed and gave the stock a “hold” rating in a report on Sunday, July 16th. Cantor Fitzgerald set a $14.00 price objective on shares of Depomed and gave the stock a “hold” rating in a report on Monday, May 15th. Finally, Mizuho dropped their price objective on shares of Depomed from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, May 25th. Four research 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 stock presently has a consensus rating of “Hold” and a consensus price target of $15.64.
In related news, insider Arthur J. Higgins acquired 15,000 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The shares were acquired at an average cost of $9.92 per share, for a total transaction of $148,800.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.59% of the company’s stock.
Several large investors have recently modified their holdings of the company. Airain ltd bought a new stake in shares of Depomed during the first quarter worth approximately $128,000. State of Alaska Department of Revenue raised its stake in shares of Depomed by 79.5% in the second quarter. State of Alaska Department of Revenue now owns 12,298 shares of the specialty pharmaceutical company’s stock valued at $132,000 after buying an additional 5,448 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its stake in shares of Depomed by 4.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 14,660 shares of the specialty pharmaceutical company’s stock valued at $157,000 after buying an additional 590 shares during the last quarter. Two Sigma Securities LLC acquired a new stake in shares of Depomed during the first quarter valued at about $180,000. Finally, Mason Street Advisors LLC raised its stake in shares of Depomed by 7.9% in the first quarter. Mason Street Advisors LLC now owns 14,521 shares of the specialty pharmaceutical company’s stock valued at $182,000 after buying an additional 1,064 shares during the last quarter. Institutional investors and hedge funds own 91.42% of the company’s stock.
The stock’s 50 day moving average is $10.54 and its 200 day moving average is $13.02. The firm’s market cap is $383.09 million.
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Depomed Company Profile
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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