Depomed, Inc. (DEPO) Position Decreased by ProShare Advisors LLC
ProShare Advisors LLC cut its holdings in shares of Depomed, Inc. (NASDAQ:DEPO) by 8.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,972 shares of the specialty pharmaceutical company’s stock after selling 3,648 shares during the quarter. ProShare Advisors LLC owned about 0.06% of Depomed worth $408,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Asset Management One Co. Ltd. increased its holdings in shares of Depomed by 76.6% during the 1st quarter. Asset Management One Co. Ltd. now owns 51,687 shares of the specialty pharmaceutical company’s stock worth $658,000 after acquiring an additional 22,422 shares during the last quarter. Systematic Financial Management LP bought a new stake in Depomed in the 2nd quarter valued at $1,801,000. Litespeed Management L.L.C. boosted its stake in 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 purchasing an additional 650,746 shares during the period. State of Wisconsin Investment Board boosted its stake in 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 purchasing an additional 313,200 shares during the period. Finally, Ballentine Partners LLC bought a new stake in Depomed in the 2nd quarter valued at $442,000. 91.25% of the stock is currently owned by institutional investors and hedge funds.
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Depomed, Inc. (DEPO) opened at 5.86 on Friday. The firm has a 50-day moving average price of $6.10 and a 200-day moving average price of $9.66. Depomed, Inc. has a one year low of $5.58 and a one year high of $26.11. The firm’s market cap is $369.11 million.
Depomed (NASDAQ:DEPO) last issued its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $100.40 million. During the same period last year, the firm earned $0.27 EPS. The company’s revenue for the quarter was down 14.3% on a year-over-year basis. On average, equities analysts expect that Depomed, Inc. will post $0.48 EPS for the current fiscal year.
DEPO has been the subject of several recent research reports. Morgan Stanley downgraded Depomed from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $12.00 to $5.00 in a research note on Tuesday, August 8th. BidaskClub downgraded Depomed from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 5th. Piper Jaffray Companies reiterated a “hold” rating and set a $9.00 target price on shares of Depomed in a research report on Sunday, September 10th. ValuEngine upgraded Depomed from a “strong sell” rating to a “sell” rating in a research report on Monday, September 11th. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $13.00 target price on shares of Depomed in a research report on Tuesday, June 13th. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $13.44.
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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