Janney Montgomery Scott Reiterates “Buy” Rating for Depomed Inc. (DEPO)
Janney Montgomery Scott reaffirmed their buy rating on shares of Depomed Inc. (NASDAQ:DEPO) in a research note issued to investors on Wednesday morning. Janney Montgomery Scott currently has a $28.00 target price on the specialty pharmaceutical company’s stock.
A number of other analysts have also recently weighed in on DEPO. Mizuho upped their target price on shares of Depomed from $19.00 to $23.00 and gave the company a buy rating in a research note on Friday, May 27th. Cantor Fitzgerald reissued a buy rating on shares of Depomed in a research note on Wednesday, June 22nd. Royal Bank Of Canada reissued a hold rating on shares of Depomed in a research note on Monday, July 11th. Leerink Swann reissued a positive rating on shares of Depomed in a research note on Monday, July 18th. Finally, Piper Jaffray Cos. cut shares of Depomed from an overweight rating to a neutral rating and lowered their target price for the company from $21.00 to $18.00 in a research note on Wednesday, July 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $22.98.
Shares of Depomed (NASDAQ:DEPO) opened at 24.19 on Wednesday. The stock’s market capitalization is $1.48 billion. Depomed has a 52-week low of $12.25 and a 52-week high of $27.26. The stock has a 50 day moving average of $21.03 and a 200 day moving average of $18.52.
Depomed (NASDAQ:DEPO) last posted its earnings results on Wednesday, August 3rd. The specialty pharmaceutical company reported $0.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.01. The business had revenue of $116.70 million for the quarter, compared to analysts’ expectations of $118.20 million. Depomed had a negative net margin of 16.89% and a positive return on equity of 3.71%. The firm’s revenue for the quarter was up 23.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.27 earnings per share. Analysts forecast that Depomed will post $1.21 earnings per share for the current year.
In other news, CFO August J. Moretti sold 5,000 shares of the stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $21.40, for a total transaction of $107,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Thadd M. Vargas sold 26,290 shares of the 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 sale, the vice president now directly owns 84,336 shares of the company’s stock, valued at approximately $1,764,309.12. The disclosure for this sale can be found here. Insiders own 5.12% of the company’s stock.
Several large investors have recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of Depomed by 197.5% in the second quarter. BlackRock Inc. now owns 5,137 shares of the specialty pharmaceutical company’s stock valued at $101,000 after buying an additional 3,410 shares in the last quarter. Acrospire Investment Management LLC acquired a new position in Depomed during the first quarter worth $114,000. Ladenburg Thalmann Financial Services Inc. increased its position in Depomed by 30.4% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 9,355 shares of the specialty pharmaceutical company’s stock worth $130,000 after buying an additional 2,181 shares during the period. PineBridge Investments L.P. increased its position in Depomed by 4.1% in the second quarter. PineBridge Investments L.P. now owns 7,748 shares of the specialty pharmaceutical company’s stock worth $152,000 after buying an additional 306 shares during the period. Finally, DIAM Co. Ltd. acquired a new position in Depomed during the second quarter worth $157,000.
Depomed Company Profile
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