Assertio (NASDAQ:ASRT) Announces Quarterly Earnings Results, Misses Estimates By $0.83 EPS

Assertio (NASDAQ:ASRT) issued its quarterly earnings results on Friday. The company reported ($2.93) earnings per share for the quarter, missing the consensus estimate of ($2.10) by ($0.83), FiscalAI reports. Assertio had a negative return on equity of 30.26% and a negative net margin of 25.59%.The company had revenue of $9.93 million for the quarter, compared to analysts’ expectations of $8.97 million.

Assertio Price Performance

ASRT stock traded up $0.13 during trading on Friday, reaching $22.50. 81,858 shares of the company were exchanged, compared to its average volume of 431,348. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.51 and a current ratio of 1.70. The stock’s 50 day moving average price is $16.27 and its 200 day moving average price is $13.06. Assertio has a 52-week low of $8.61 and a 52-week high of $22.55. The company has a market cap of $145.13 million, a P/E ratio of -4.63 and a beta of 0.44.

Institutional Investors Weigh In On Assertio

Institutional investors and hedge funds have recently modified their holdings of the company. Nantahala Capital Management LLC raised its holdings in Assertio by 4.4% during the second 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 last quarter. Vanguard Group Inc. increased its position in shares of Assertio by 0.9% in the third quarter. Vanguard Group Inc. now owns 4,425,543 shares of the company’s stock valued at $3,899,000 after buying an additional 41,332 shares in the last quarter. Perritt Capital Management Inc raised its stake in shares of Assertio by 51.6% during the 3rd 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 during the last quarter. Opaleye Management Inc. purchased a new stake in shares of Assertio in the 4th quarter worth about $2,585,000. Finally, Edgewood Management LLC acquired a new stake in Assertio in the 4th quarter valued at about $975,000. Institutional investors and hedge funds own 48.96% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on ASRT shares. Wall Street Zen cut shares of Assertio from a “buy” rating to a “hold” rating in a report on Saturday, March 21st. HC Wainwright reaffirmed a “neutral” rating and set a $21.80 price objective (up from $18.00) on shares of Assertio in a report on Tuesday. Lake Street Capital downgraded shares of Assertio from a “buy” rating to a “hold” rating and reduced their price target for the company from $45.00 to $18.00 in a research report on Thursday, April 9th. Zacks Research lowered Assertio from a “strong-buy” rating to a “hold” rating in a report on Friday, March 6th. Finally, Maxim Group cut shares of Assertio from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 9th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued 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 $19.90.

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.