Insider Selling: Depomed Inc. (DEPO) CFO Sells $104,200.00 in Stock
Depomed Inc. (NASDAQ:DEPO) CFO August J. Moretti sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $20.84, for a total value of $104,200.00. Following the completion of the transaction, the chief financial officer now directly owns 26,680 shares of the company’s stock, valued at $556,011.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Depomed Inc. (NASDAQ:DEPO) opened at 20.55 on Friday. The company’s market cap is $1.27 billion. Depomed Inc. has a 1-year low of $12.25 and a 1-year high of $27.02. The company has a 50-day moving average price of $23.17 and a 200-day moving average price of $20.91.
Depomed (NASDAQ:DEPO) last issued its quarterly earnings results on Monday, November 7th. The specialty pharmaceutical company reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by $0.07. The business had revenue of $111 million for the quarter, compared to analysts’ expectations of $127.22 million. Depomed had a negative return on equity of 7.49% and a negative net margin of 16.93%. The company’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.33 EPS. On average, analysts expect that Depomed Inc. will post $1.04 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of DEPO. Oxford Asset Management boosted its position in shares of Depomed by 6.1% in the second quarter. Oxford Asset Management now owns 1,209,180 shares of the specialty pharmaceutical company’s stock valued at $23,724,000 after buying an additional 69,280 shares in the last quarter. 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 period. PineBridge Investments L.P. boosted its position in Depomed by 4.1% in the second quarter. PineBridge Investments L.P. now owns 7,748 shares of the specialty pharmaceutical company’s stock worth $152,000 after buying an additional 306 shares during the period. BNP Paribas Arbitrage SA boosted its position in Depomed by 620.1% in the second quarter. BNP Paribas Arbitrage SA now owns 20,156 shares of the specialty pharmaceutical company’s stock worth $395,000 after buying an additional 17,357 shares during the period. Finally, ClariVest Asset Management LLC boosted its position in Depomed by 15.5% in the second quarter. ClariVest Asset Management LLC now owns 92,487 shares of the specialty pharmaceutical company’s stock worth $1,814,000 after buying an additional 12,400 shares during the period.
Several equities analysts recently commented on DEPO shares. Mizuho reiterated a “positive” rating on shares of Depomed in a research note on Thursday, July 21st. Piper Jaffray Cos. downgraded Depomed from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $21.00 to $18.00 in a research note on Wednesday, July 27th. Cantor Fitzgerald reiterated a “buy” rating and issued a $26.00 price objective on shares of Depomed in a research note on Thursday, July 28th. Janney Montgomery Scott restated a “buy” rating and set a $28.00 target price on shares of Depomed in a research report on Thursday, August 4th. Finally, JMP Securities dropped their target price on Depomed from $28.00 to $22.00 and set a “market outperform” rating on the stock in a research report on Thursday, August 4th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. Depomed currently has an average rating of “Hold” and a consensus price target of $23.06.
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