ValuEngine Downgrades Depomed, Inc. (DEPO) to Strong Sell
ValuEngine lowered shares of Depomed, Inc. (NASDAQ:DEPO) from a sell rating to a strong sell rating in a research report sent to investors on Thursday.
Several other equities analysts also recently weighed in on the company. Royal Bank Of Canada restated a hold rating and issued a $13.00 target price on shares of Depomed in a research report on Tuesday, June 13th. Piper Jaffray Companies reiterated a hold rating and set a $9.00 price target on shares of Depomed in a research report on Sunday, September 10th. Janney Montgomery Scott cut Depomed from a buy rating to a neutral rating and dropped their price target for the stock from $18.00 to $8.00 in a research report on Tuesday, August 8th. BidaskClub downgraded Depomed from a hold rating to a sell rating in a research note on Tuesday, July 11th. Finally, Morgan Stanley downgraded 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. Four research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $14.59.
Depomed (NASDAQ DEPO) opened at 5.79 on Thursday. The company’s market capitalization is $364.70 million. Depomed has a 52 week low of $5.58 and a 52 week high of $27.02. The company’s 50-day moving average price is $6.69 and its 200-day moving average price is $10.50.
Depomed (NASDAQ:DEPO) last posted its quarterly earnings data on Monday, August 7th. The specialty pharmaceutical company reported ($0.43) earnings per share (EPS) 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 firm had revenue of $100.00 million during the quarter, compared to analyst estimates of $100.40 million. During the same quarter in the previous year, the firm posted $0.27 earnings per share. The company’s quarterly revenue was down 14.3% on a year-over-year basis. Equities analysts forecast that Depomed will post $0.48 earnings per share for the current fiscal year.
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Several hedge funds have recently made changes to their positions in DEPO. Dimensional Fund Advisors LP boosted its holdings in Depomed by 85.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,306,318 shares of the specialty pharmaceutical company’s stock valued at $24,770,000 after purchasing an additional 1,063,868 shares during the last quarter. Litespeed Management L.L.C. grew its stake 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 valued at $23,013,000 after buying an additional 650,746 shares during the period. Vanguard Group Inc. grew its stake 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 valued at $60,129,000 after buying an additional 609,722 shares during the period. ING Groep NV purchased a new stake in shares of Depomed in the 2nd quarter valued at approximately $4,672,000. Finally, State of Wisconsin Investment Board grew its stake 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 valued at $5,533,000 after buying an additional 313,200 shares during the period. 91.25% of the stock is currently owned by hedge funds and other institutional investors.
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).
To view ValuEngine’s full report, visit ValuEngine’s official website.
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