Assertio (NASDAQ:ASRT) Issues Quarterly Earnings Results, Beats Expectations By $1.99 EPS

Assertio (NASDAQ:ASRT) announced its earnings results on Monday. The company reported ($1.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.05) by $1.99, FiscalAI reports. Assertio had a negative return on equity of 26.99% and a negative net margin of 21.06%.The firm had revenue of $13.54 million during the quarter, compared to analysts’ expectations of $6.20 million.

Assertio Stock Performance

Shares of Assertio stock traded up $0.16 during midday trading on Monday, hitting $11.70. The company had a trading volume of 102,714 shares, compared to its average volume of 43,317. Assertio has a 1-year low of $7.65 and a 1-year high of $15.15. The business’s 50 day simple moving average is $11.49 and its two-hundred day simple moving average is $11.77. The stock has a market cap of $75.08 million, a PE ratio of -2.52 and a beta of 0.73. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.58 and a quick ratio of 1.43.

Institutional Trading of Assertio

Hedge funds have recently bought and sold shares of the stock. Nantahala Capital Management LLC increased its holdings in shares of Assertio by 4.4% during the 2nd quarter. Nantahala Capital Management LLC now owns 8,810,073 shares of the company’s stock worth $5,649,000 after purchasing an additional 370,311 shares during the period. Vanguard Group Inc. grew its position in Assertio by 0.9% during the third quarter. Vanguard Group Inc. now owns 4,425,543 shares of the company’s stock worth $3,899,000 after buying an additional 41,332 shares in the last quarter. Perritt Capital Management Inc grew its position in Assertio by 51.6% during the third quarter. Perritt Capital Management Inc now owns 350,316 shares of the company’s stock worth $309,000 after buying an additional 119,281 shares in the last quarter. Opaleye Management Inc. bought a new position in Assertio during the fourth quarter valued at about $2,585,000. Finally, Edgewood Management LLC acquired a new position in Assertio in the 4th quarter valued at approximately $975,000. 48.96% of the stock is owned by institutional investors.

Analyst Ratings Changes

ASRT has been the subject of several recent analyst reports. Zacks Research downgraded shares of Assertio from a “strong-buy” rating to a “hold” rating in a report on Friday, March 6th. Wall Street Zen raised shares of Assertio to a “buy” rating in a research report on Saturday, November 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Assertio in a report on Wednesday, January 21st. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $35.00 price target (up from $3.00) on shares of Assertio in a research report on Monday, January 5th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $35.00.

Assertio Company Profile

Assertio Therapeutics, Inc, formerly known as Depomed, is a specialty pharmaceutical company focused on the development and commercialization of therapies for central nervous system (CNS) disorders, including neuropathic pain, migraine and breakthrough cancer pain. The company’s commercial portfolio includes three FDA-approved products—Qutenza (8% capsaicin) for postherpetic neuralgia, Butrans (buprenorphine) transdermal system for chronic pain and Onsolis (fentanyl buccal soluble film) for breakthrough cancer pain—which are marketed primarily in the United States under licensing agreements with global partners.

In addition to its marketed therapies, Assertio maintains a pipeline of preclinical and clinical-stage candidates targeting a range of pain and neurological conditions.