PineBridge Investments L.P. boosted its stake in Depomed Inc. (NASDAQ:DEPO) by 4.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,748 shares of the specialty pharmaceutical company’s stock after buying an additional 306 shares during the period. PineBridge Investments L.P.’s holdings in Depomed were worth $152,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the company. Acrospire Investment Management LLC acquired a new stake in shares of Depomed during the first quarter worth $114,000. DIAM Co. Ltd. purchased a new position in Depomed during the second quarter worth about $157,000. Teacher Retirement System of Texas raised its position in 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 worth $166,000 after buying an additional 1,024 shares during the last quarter. Royal Bank of Canada raised its position in Depomed by 6.2% in the first quarter. Royal Bank of Canada now owns 13,301 shares of the specialty pharmaceutical company’s stock worth $186,000 after buying an additional 775 shares during the last quarter. Finally, Scout Investments Inc. purchased a new position in Depomed during the second quarter worth about $198,000.
Depomed Inc. (NASDAQ:DEPO) opened at 24.9699 on Friday. The firm’s 50-day moving average is $22.05 and its 200-day moving average is $19.06. The company’s market capitalization is $1.53 billion. Depomed Inc. has a 52-week low of $12.25 and a 52-week high of $27.02.
Depomed (NASDAQ:DEPO) last released its quarterly earnings results on Wednesday, August 3rd. The specialty pharmaceutical company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.01. The business earned $116.70 million during the quarter, compared to analyst estimates of $118.20 million. Depomed had a positive return on equity of 3.71% and a negative net margin of 16.89%. Depomed’s quarterly revenue was up 23.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.27 EPS. On average, equities research analysts forecast that Depomed Inc. will post $1.19 EPS for the current year.
A number of analysts have recently weighed in on DEPO shares. Janney Montgomery Scott reaffirmed a “buy” rating and issued a $28.00 price target on shares of Depomed in a research note on Wednesday, September 14th. Mizuho restated a “buy” rating and set a $23.00 price target on shares of Depomed in a report on Thursday, August 4th. Piper Jaffray Cos. restated a “neutral” rating and set a $19.00 price target (up previously from $18.00) on shares of Depomed in a report on Thursday, August 4th. Cantor Fitzgerald reiterated a “buy” rating on shares of Depomed in a research note on Wednesday, June 22nd. Finally, JMP Securities decreased their target price on shares of Depomed from $28.00 to $22.00 and set a “market outperform” rating for the company in a research report on Thursday, August 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. Depomed currently has a consensus rating of “Buy” and an average price target of $22.91.
In other news, VP Thadd M. Vargas sold 26,290 shares of the firm’s stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $20.92, for a total transaction of $549,986.80. Following the completion of the sale, the vice president now directly owns 84,336 shares of the company’s stock, valued at approximately $1,764,309.12. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Thadd M. Vargas sold 11,250 shares of the firm’s stock in a transaction on Wednesday, September 21st. The shares were sold at an average price of $25.00, for a total value of $281,250.00. Following the sale, the vice president now directly owns 73,086 shares of the company’s stock, valued at $1,827,150. The disclosure for this sale can be found here. 5.12% of the stock is owned by corporate insiders.
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