Depomed Inc. (DEPO) to Post FY2016 Earnings of ($0.92) Per Share, Leerink Swann Forecasts
Depomed Inc. (NASDAQ:DEPO) – Equities researchers at Leerink Swann lowered their FY2016 earnings estimates for shares of Depomed in a report issued on Tuesday. Leerink Swann analyst J. Gerberry now forecasts that the firm will earn ($0.92) per share for the year, down from their prior forecast of ($0.30). Leerink Swann has a “Buy” rating and a $22.00 price objective on the stock. Leerink Swann also issued estimates for Depomed’s Q4 2016 earnings at ($0.37) EPS, FY2017 earnings at $0.71 EPS, FY2018 earnings at $0.99 EPS, FY2019 earnings at $1.14 EPS and FY2020 earnings at $1.50 EPS.
Depomed (NASDAQ:DEPO) last released its earnings results on Monday, November 7th. The specialty pharmaceutical company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by $0.07. Depomed had a negative net margin of 16.93% and a negative return on equity of 7.49%. The company earned $111 million during the quarter, compared to the consensus estimate of $127.22 million. During the same period last year, the firm posted $0.33 EPS. The company’s revenue was up 5.3% on a year-over-year basis.
A number of other brokerages have also issued reports on DEPO. Mizuho lowered Depomed from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 4th. Janney Montgomery Scott reiterated a “buy” rating and issued a $31.00 price target (up previously from $28.00) on shares of Depomed in a research note on Tuesday, October 4th. RBC Capital Markets reiterated a “sector perform” rating and issued a $22.00 price target on shares of Depomed in a research note on Friday, September 23rd. Roth Capital set a $28.00 price target on Depomed and gave the stock a “buy” rating in a research note on Friday, October 21st. Finally, Cantor Fitzgerald lowered Depomed from a “buy” rating to a “hold” rating and cut their price target for the stock from $25.00 to $23.00 in a research note on Tuesday, November 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. Depomed presently has an average rating of “Hold” and an average target price of $23.06.
Shares of Depomed (NASDAQ:DEPO) opened at 20.84 on Friday. The company’s market cap is $1.28 billion. The stock has a 50 day moving average price of $23.55 and a 200-day moving average price of $20.81. Depomed has a 1-year low of $12.25 and a 1-year high of $27.02.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC purchased a new stake in shares of Depomed during the third quarter valued at about $120,000. BlackRock Inc. increased its stake in shares of Depomed by 197.5% in the second quarter. BlackRock Inc. now owns 5,137 shares of the specialty pharmaceutical company’s stock valued at $101,000 after buying an additional 3,410 shares during the last quarter. PineBridge Investments L.P. increased its stake in shares of Depomed by 4.1% in the second quarter. PineBridge Investments L.P. now owns 7,748 shares of the specialty pharmaceutical company’s stock valued at $152,000 after buying an additional 306 shares during the last quarter. DIAM Co. Ltd. purchased a new stake in shares of Depomed during the second quarter valued at about $157,000. Finally, Teacher Retirement System of Texas increased its stake in shares of Depomed by 13.7% in the second quarter. Teacher Retirement System of Texas now owns 8,482 shares of the specialty pharmaceutical company’s stock valued at $166,000 after buying an additional 1,024 shares during the last quarter.
In related news, VP Thadd M. Vargas sold 11,250 shares of the stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $25.00, for a total value of $281,250.00. Following the completion of the transaction, the vice president now owns 73,086 shares of the company’s stock, valued at approximately $1,827,150. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 5.12% of the stock is currently owned by corporate insiders.
Receive News & Stock Ratings for Depomed Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Depomed Inc. and related stocks with our FREE daily email newsletter.