Depomed Inc. (DEPO) Given Buy Rating at Janney Montgomery Scott
Janney Montgomery Scott reaffirmed their buy rating on shares of Depomed Inc. (NASDAQ:DEPO) in a research note published on Tuesday morning. Janney Montgomery Scott currently has a $31.00 price objective on the specialty pharmaceutical company’s stock, up from their previous price objective of $28.00.
DEPO has been the subject of a number of other research reports. RBC Capital Markets reiterated a sector perform rating and issued a $22.00 price objective on shares of Depomed in a research note on Friday, September 23rd. Mizuho boosted their price objective on Depomed from $23.00 to $27.00 and gave the company a buy rating in a research note on Friday, September 16th. Cantor Fitzgerald reiterated a buy rating on shares of Depomed in a research note on Wednesday, June 22nd. Piper Jaffray Cos. reiterated a neutral rating and issued a $19.00 price objective (up previously from $18.00) on shares of Depomed in a research note on Thursday, August 4th. Finally, JMP Securities reduced their price objective on Depomed from $28.00 to $22.00 and set a market outperform rating for the company in a research note on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. Depomed currently has a consensus rating of Hold and an average price target of $23.14.
Shares of Depomed (NASDAQ:DEPO) opened at 25.36 on Tuesday. The stock’s 50 day moving average is $22.28 and its 200-day moving average is $19.31. Depomed has a 52 week low of $12.25 and a 52 week high of $27.02. The firm’s market cap is $1.56 billion.
Depomed (NASDAQ:DEPO) last issued its quarterly earnings data on Wednesday, August 3rd. The specialty pharmaceutical company reported $0.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.01. Depomed had a positive return on equity of 3.71% and a negative net margin of 16.89%. The company earned $116.70 million during the quarter, compared to analysts’ expectations of $118.20 million. During the same quarter in the previous year, the business earned $0.27 earnings per share. The firm’s revenue for the quarter was up 23.5% on a year-over-year basis. On average, equities analysts predict that Depomed will post $1.19 EPS for the current fiscal year.
In related news, VP Thadd M. Vargas sold 11,250 shares of the stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $25.00, for a total transaction of $281,250.00. Following the transaction, the vice president now directly owns 73,086 shares in the company, valued at $1,827,150. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO August J. Moretti sold 5,000 shares of the stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $21.40, for a total value of $107,000.00. The disclosure for this sale can be found here. Corporate insiders own 5.12% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Virginia Retirement System acquired a new position in Depomed during the first quarter valued at $255,000. BlackRock Institutional Trust Company N.A. increased its position in Depomed by 0.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,430,571 shares of the specialty pharmaceutical company’s stock worth $19,928,000 after buying an additional 13,433 shares during the period. Acrospire Investment Management LLC purchased a new position in Depomed during the first quarter worth approximately $114,000. Spark Investment Management LLC increased its position in Depomed by 282.6% in the first quarter. Spark Investment Management LLC now owns 116,700 shares of the specialty pharmaceutical company’s stock worth $1,625,000 after buying an additional 86,200 shares during the period. Finally, Zebra Capital Management LLC increased its position in Depomed by 22.1% in the first quarter. Zebra Capital Management LLC now owns 18,264 shares of the specialty pharmaceutical company’s stock worth $254,000 after buying an additional 3,306 shares during the period.
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