Sivik Global Healthcare LLC Invests $1.93 Million in Depomed, Inc. (DEPO)
Sivik Global Healthcare LLC purchased a new position in Depomed, Inc. (NASDAQ:DEPO) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 180,000 shares of the specialty pharmaceutical company’s stock, valued at approximately $1,933,000. Sivik Global Healthcare LLC owned 0.29% of Depomed at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of DEPO. Litespeed Management L.L.C. raised its holdings in shares of Depomed by 55.0% in the 1st quarter. Litespeed Management L.L.C. now owns 1,833,698 shares of the specialty pharmaceutical company’s stock worth $23,013,000 after purchasing an additional 650,746 shares during the period. Vanguard Group Inc. raised its holdings in shares of Depomed by 14.6% in the 1st quarter. Vanguard Group Inc. now owns 4,791,200 shares of the specialty pharmaceutical company’s stock worth $60,129,000 after purchasing an additional 609,722 shares during the period. ING Groep NV bought a new stake in shares of Depomed in the 2nd quarter worth approximately $4,672,000. State of Wisconsin Investment Board raised its holdings in shares of Depomed by 155.0% in the 2nd quarter. State of Wisconsin Investment Board now owns 515,200 shares of the specialty pharmaceutical company’s stock worth $5,533,000 after purchasing an additional 313,200 shares during the period. Finally, Clark Estates Inc. NY bought a new stake in shares of Depomed in the 2nd quarter worth approximately $3,329,000. 91.25% of the stock is currently owned by institutional investors.
A number of research firms recently commented on DEPO. ValuEngine raised shares of Depomed from a “strong sell” rating to a “sell” rating in a report on Monday, September 11th. Piper Jaffray Companies reiterated a “hold” rating and issued a $9.00 price objective on shares of Depomed in a research note on Sunday, September 10th. Morgan Stanley lowered shares of Depomed from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $12.00 to $5.00 in a research note on Tuesday, August 8th. Royal Bank Of Canada reduced their price objective on shares of Depomed from $13.00 to $10.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 8th. Finally, Janney Montgomery Scott lowered shares of Depomed from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $18.00 to $8.00 in a research note on Tuesday, August 8th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $14.59.
Depomed, Inc. (NASDAQ DEPO) traded down 3.58% on Friday, hitting $6.19. 1,872,478 shares of the stock were exchanged. The firm’s market cap is $389.90 million. The company has a 50-day moving average of $6.94 and a 200 day moving average of $10.72. Depomed, Inc. has a 12 month low of $5.81 and a 12 month high of $27.02.
Depomed (NASDAQ:DEPO) last released its quarterly earnings results on Monday, August 7th. The specialty pharmaceutical company reported ($0.43) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.52). Depomed had a negative return on equity of 45.03% and a negative net margin of 26.02%. The business had revenue of $100.00 million during the quarter, compared to the consensus estimate of $100.40 million. During the same quarter in the previous year, the business posted $0.27 earnings per share. The firm’s revenue was down 14.3% on a year-over-year basis. Equities research analysts expect that Depomed, Inc. will post $0.48 earnings per share for the current fiscal year.
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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