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

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

Assertio Stock Up 1.3%

Shares of ASRT traded up $0.16 on Monday, hitting $11.70. The company’s stock had a trading volume of 102,714 shares, compared to its average volume of 43,317. The firm’s fifty day moving average price is $11.49 and its 200-day moving average price is $11.77. The company has a quick ratio of 1.43, a current ratio of 1.58 and a debt-to-equity ratio of 0.37. Assertio has a fifty-two week low of $7.65 and a fifty-two week high of $15.15. The firm has a market capitalization of $75.08 million, a price-to-earnings ratio of -2.52 and a beta of 0.73.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Assertio

A number of large investors have recently bought and sold shares of ASRT. Nantahala Capital Management LLC grew its holdings in shares of Assertio by 4.4% in the 2nd quarter. Nantahala Capital Management LLC now owns 8,810,073 shares of the company’s stock valued at $5,649,000 after acquiring an additional 370,311 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of 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 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 purchasing an additional 119,281 shares in the last quarter. Opaleye Management Inc. bought a new position in Assertio during the 4th quarter worth $2,585,000. Finally, Edgewood Management LLC acquired a new stake in Assertio during the fourth quarter worth about $975,000. Institutional investors and hedge funds own 48.96% of the company’s stock.

About Assertio

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.