FY2016 EPS Estimates for Depomed Inc. (DEPO) Boosted by Analyst
Depomed Inc. (NASDAQ:DEPO) – Investment analysts at Roth Capital raised their FY2016 earnings estimates for Depomed in a research note issued to investors on Monday. Roth Capital analyst S. Henry now expects that the firm will post earnings per share of ($0.47) for the year, up from their prior estimate of ($0.48). Roth Capital also issued estimates for Depomed’s Q1 2017 earnings at $0.03 EPS and Q3 2017 earnings at $0.12 EPS.
A number of other research firms have also issued reports on DEPO. Janney Montgomery Scott reaffirmed a “buy” rating and issued a $28.00 target price on shares of Depomed in a research note on Wednesday, June 15th. Leerink Swann reiterated a “positive” rating on shares of Depomed in a report on Monday, July 18th. Cantor Fitzgerald reiterated a “buy” rating on shares of Depomed in a report on Wednesday, June 22nd. Piper Jaffray Cos. downgraded Depomed from an “overweight” rating to a “neutral” rating and cut their price target for the company from $21.00 to $18.00 in a report on Wednesday, July 27th. Finally, Royal Bank Of Canada reiterated a “hold” rating on shares of Depomed in a report on Monday, July 11th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. Depomed presently has a consensus rating of “Hold” and an average target price of $23.14.
Depomed (NASDAQ:DEPO) opened at 26.01 on Wednesday. The company has a 50-day moving average price of $22.42 and a 200-day moving average price of $19.35. Depomed has a 12-month low of $12.25 and a 12-month high of $27.02. The stock’s market capitalization is $1.60 billion.
Depomed (NASDAQ:DEPO) last released its earnings results on Wednesday, August 3rd. The specialty pharmaceutical company reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.01. The firm earned $116.70 million during the quarter, compared to analyst estimates of $118.20 million. Depomed had a positive return on equity of 3.71% and a negative net margin of 16.89%. Depomed’s revenue was up 23.5% compared to the same quarter last year. During the same period last year, the business posted $0.27 earnings per share.
Hedge funds have recently made changes to their positions in the company. Consonance Capital Management LP purchased a new position in Depomed during the first quarter worth $38,396,000. Scoggin Management LP purchased a new position in Depomed during the second quarter worth $29,430,000. Clearline Capital LP purchased a new position in Depomed during the second quarter worth $6,505,000. First Manhattan Co. boosted its position in Depomed by 16,250.0% in the second quarter. First Manhattan Co. now owns 327,000 shares of the specialty pharmaceutical company’s stock worth $6,415,000 after buying an additional 325,000 shares during the last quarter. Finally, Emerald Acquisition Ltd. purchased a new position in Depomed during the second quarter worth $6,063,000.
In related news, CFO August J. Moretti sold 5,000 shares of the company’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $21.40, for a total transaction of $107,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Thadd M. Vargas sold 11,250 shares of the company’s stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $25.00, for a total transaction of $281,250.00. Following the sale, the vice president now directly owns 73,086 shares of the company’s stock, valued at $1,827,150. The disclosure for this sale can be found here. Corporate insiders own 5.12% of the company’s stock.
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