Piper Jaffray Companies Reaffirms Hold Rating for Depomed, Inc. (DEPO)

Piper Jaffray Companies reaffirmed their hold rating on shares of Depomed, Inc. (NASDAQ:DEPO) in a research note released on Sunday. Piper Jaffray Companies currently has a $9.00 price objective on the specialty pharmaceutical company’s stock.

A number of other equities analysts have also recently commented on DEPO. Janney Montgomery Scott cut shares of Depomed from a buy rating to a neutral rating and cut their price target for the stock from $18.00 to $8.00 in a research note on Tuesday, August 8th. Royal Bank Of Canada cut their price target on shares of Depomed from $13.00 to $10.00 and set a sector perform rating for the company in a research note on Tuesday, August 8th. BidaskClub cut shares of Depomed from a sell rating to a strong sell rating in a research note on Saturday, August 5th. Morgan Stanley cut shares of Depomed from an equal weight rating to an underweight rating and cut their price target for the stock from $12.00 to $5.00 in a research note on Tuesday, August 8th. Finally, ValuEngine raised shares of Depomed from a strong sell rating to a sell rating in a research note on Friday, June 2nd. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $14.59.

Shares of Depomed (NASDAQ:DEPO) opened at 6.60 on Friday. Depomed has a 52-week low of $5.81 and a 52-week high of $27.02. The company’s 50 day moving average is $7.42 and its 200 day moving average is $10.93. The firm’s market cap is $415.72 million.

Depomed (NASDAQ:DEPO) last released its quarterly earnings results on Monday, August 7th. The specialty pharmaceutical company reported ($0.43) EPS for the quarter, missing the Zacks’ 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 company had revenue of $100.00 million during the quarter, compared to analysts’ expectations of $100.40 million. During the same period in the prior year, the firm earned $0.27 EPS. Depomed’s quarterly revenue was down 14.3% on a year-over-year basis. Analysts anticipate that Depomed will post $0.48 earnings per share for the current year.

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A number of institutional investors and hedge funds have recently made changes to their positions in the business. Louisiana State Employees Retirement System boosted its position in Depomed by 0.4% during the 2nd quarter. Louisiana State Employees Retirement System now owns 25,400 shares of the specialty pharmaceutical company’s stock valued at $273,000 after buying an additional 100 shares during the period. TSP Capital Management Group LLC boosted its position in Depomed by 0.3% during the 1st quarter. TSP Capital Management Group LLC now owns 60,250 shares of the specialty pharmaceutical company’s stock valued at $756,000 after buying an additional 200 shares during the period. Arizona State Retirement System boosted its position in Depomed by 0.6% during the 2nd quarter. Arizona State Retirement System now owns 32,521 shares of the specialty pharmaceutical company’s stock valued at $349,000 after buying an additional 200 shares during the period. Texas Permanent School Fund boosted its position in Depomed by 1.1% during the 2nd quarter. Texas Permanent School Fund now owns 45,478 shares of the specialty pharmaceutical company’s stock valued at $488,000 after buying an additional 517 shares during the period. Finally, Nationwide Fund Advisors boosted its position in Depomed by 1.5% during the 2nd quarter. Nationwide Fund Advisors now owns 35,938 shares of the specialty pharmaceutical company’s stock valued at $386,000 after buying an additional 533 shares during the period. 91.25% of the stock is owned by institutional investors and hedge funds.

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).

Analyst Recommendations for Depomed (NASDAQ:DEPO)

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