Zacks: Brokerages Expect Depomed, Inc. (DEPO) Will Announce Quarterly Sales of $102.18 Million
Wall Street brokerages expect that Depomed, Inc. (NASDAQ:DEPO) will post $102.18 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Depomed’s earnings, with the lowest sales estimate coming in at $100.25 million and the highest estimate coming in at $104.11 million. Depomed posted sales of $110.52 million in the same quarter last year, which would indicate a negative year over year growth rate of 7.5%. The business is scheduled to report its next quarterly earnings report on Monday, November 6th.
According to Zacks, analysts expect that Depomed will report full year sales of $102.18 million for the current year, with estimates ranging from $369.45 million to $404.72 million. For the next year, analysts expect that the firm will post sales of $420.65 million per share, with estimates ranging from $385.85 million to $441.11 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Depomed.
Depomed (NASDAQ:DEPO) last released its quarterly earnings data on Monday, August 7th. The specialty pharmaceutical company reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.52). Depomed had a negative net margin of 26.02% and a negative return on equity of 45.03%. The business had revenue of $100.00 million during the quarter, compared to analyst estimates of $100.40 million. During the same quarter in the prior year, the company posted $0.27 earnings per share. The company’s revenue was down 14.3% on a year-over-year basis.
DEPO has been the topic of a number of analyst reports. Royal Bank Of Canada restated a “hold” rating and set a $13.00 target price on shares of Depomed in a research report on Tuesday, June 13th. Piper Jaffray Companies restated a “hold” rating and set a $9.00 target price on shares of Depomed in a research report on Sunday, September 10th. Janney Montgomery Scott lowered shares of Depomed from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $18.00 to $8.00 in a research report on Tuesday, August 8th. ValuEngine upgraded shares of Depomed from a “strong sell” rating to a “sell” rating in a research report on Monday, September 11th. Finally, BidaskClub lowered shares of Depomed from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $14.59.
Several institutional investors and hedge funds have recently made changes to their positions in the business. State of Wisconsin Investment Board lifted its holdings in shares of Depomed by 151.9% during the 1st quarter. State of Wisconsin Investment Board now owns 202,000 shares of the specialty pharmaceutical company’s stock valued at $2,535,000 after acquiring an additional 121,800 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of Depomed by 76.6% during the 1st quarter. Asset Management One Co. Ltd. now owns 51,687 shares of the specialty pharmaceutical company’s stock valued at $658,000 after acquiring an additional 22,422 shares in the last quarter. Litespeed Management L.L.C. lifted its holdings in shares of Depomed by 55.0% during the 1st quarter. Litespeed Management L.L.C. now owns 1,833,698 shares of the specialty pharmaceutical company’s stock valued at $23,013,000 after acquiring an additional 650,746 shares in the last quarter. Ballentine Partners LLC acquired a new position in shares of Depomed during the 2nd quarter valued at $442,000. Finally, Marshall Wace North America L.P. acquired a new position in shares of Depomed during the 2nd quarter valued at $2,834,000. Institutional investors own 91.25% of the company’s stock.
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Depomed (NASDAQ:DEPO) opened at 5.90 on Friday. The firm’s market capitalization is $371.63 million. Depomed has a 12-month low of $5.81 and a 12-month high of $27.02. The company has a 50-day moving average price of $6.69 and a 200-day moving average price of $10.50.
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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