Depomed, Inc. (DEPO) Holdings Cut by Comerica Bank
Comerica Bank decreased its holdings in shares of Depomed, Inc. (NASDAQ:DEPO) by 35.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 66,002 shares of the specialty pharmaceutical company’s stock after selling 35,846 shares during the quarter. Comerica Bank owned about 0.10% of Depomed worth $315,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of DEPO. State of Alaska Department of Revenue boosted its position in shares of Depomed by 79.5% during the second quarter. State of Alaska Department of Revenue now owns 12,298 shares of the specialty pharmaceutical company’s stock worth $132,000 after buying an additional 5,448 shares during the period. Piedmont Investment Advisors LLC purchased a new position in Depomed in the second quarter valued at $145,000. Captrust Financial Advisors purchased a new position in Depomed in the second quarter valued at $147,000. Municipal Employees Retirement System of Michigan boosted its holdings in Depomed by 4.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 14,660 shares of the specialty pharmaceutical company’s stock valued at $157,000 after purchasing an additional 590 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its holdings in Depomed by 71.0% in the third quarter. BNP Paribas Arbitrage SA now owns 32,251 shares of the specialty pharmaceutical company’s stock valued at $187,000 after purchasing an additional 13,388 shares during the period. 90.99% of the stock is owned by institutional investors.
A number of research analysts recently issued reports on DEPO shares. Mizuho upgraded Depomed from a “neutral” rating to a “buy” rating and set a $9.00 target price for the company in a report on Tuesday. Morgan Stanley upgraded Depomed from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 9th. Piper Jaffray Companies reiterated a “hold” rating and issued a $9.00 target price on shares of Depomed in a report on Sunday, September 10th. Royal Bank Of Canada set a $8.00 price target on Depomed and gave the company a “hold” rating in a research note on Friday, October 27th. Finally, BidaskClub upgraded Depomed from a “sell” rating to a “hold” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $10.94.
Shares of Depomed, Inc. (NASDAQ DEPO) opened at $7.86 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.79 and a debt-to-equity ratio of 2.90. Depomed, Inc. has a 52-week low of $4.31 and a 52-week high of $21.38.
Depomed (NASDAQ:DEPO) last posted its earnings results on Tuesday, November 7th. The specialty pharmaceutical company reported $0.14 EPS for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.02. Depomed had a negative return on equity of 51.07% and a negative net margin of 27.73%. The business had revenue of $95.40 million for the quarter, compared to analysts’ expectations of $99.11 million. During the same quarter in the previous year, the firm earned $0.28 earnings per share. The business’s revenue was down 13.7% compared to the same quarter last year. sell-side analysts anticipate that Depomed, Inc. will post -1.34 earnings per share for the current year.
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).
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