State of Alaska Department of Revenue increased its stake in shares of Depomed, Inc. (NASDAQ:DEPO) by 79.5% during the second quarter, Holdings Channel reports. The institutional investor owned 12,298 shares of the specialty pharmaceutical company’s stock after buying an additional 5,448 shares during the period. State of Alaska Department of Revenue’s holdings in Depomed were worth $132,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. State of Wisconsin Investment Board boosted its position in shares of Depomed by 151.9% in the first quarter. State of Wisconsin Investment Board now owns 202,000 shares of the specialty pharmaceutical company’s stock valued at $2,535,000 after buying an additional 121,800 shares in the last quarter. State of Tennessee Treasury Department boosted its position in shares of Depomed by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 56,811 shares of the specialty pharmaceutical company’s stock valued at $713,000 after buying an additional 8,574 shares in the last quarter. Gabelli Funds LLC boosted its position in shares of Depomed by 547.1% in the first quarter. Gabelli Funds LLC now owns 220,000 shares of the specialty pharmaceutical company’s stock valued at $2,761,000 after buying an additional 186,000 shares in the last quarter. Gamco Investors INC. ET AL boosted its position in shares of Depomed by 213.3% in the first quarter. Gamco Investors INC. ET AL now owns 47,000 shares of the specialty pharmaceutical company’s stock valued at $590,000 after buying an additional 32,000 shares in the last quarter. Finally, Comerica Bank boosted its position in shares of Depomed by 2.5% in the first quarter. Comerica Bank now owns 108,195 shares of the specialty pharmaceutical company’s stock valued at $1,315,000 after buying an additional 2,659 shares in the last quarter. 91.42% of the stock is owned by hedge funds and other institutional investors.

Depomed, Inc. (NASDAQ:DEPO) traded up 0.8978% during trading on Friday, hitting $6.3162. The stock had a trading volume of 843,335 shares. The company has a 50-day moving average of $10.19 and a 200-day moving average of $12.70. The stock’s market capitalization is $397.84 million. Depomed, Inc. has a 52 week low of $5.95 and a 52 week high of $27.02.

Depomed (NASDAQ:DEPO) last issued its quarterly earnings data on Monday, August 7th. The specialty pharmaceutical company reported ($0.43) earnings per share (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 business had revenue of $100 million during the quarter, compared to analysts’ expectations of $100.40 million. During the same quarter last year, the business posted $0.27 EPS. The company’s quarterly revenue was down 14.3% on a year-over-year basis. On average, equities analysts expect that Depomed, Inc. will post $0.51 earnings per share for the current fiscal year.

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Several equities analysts have weighed in on the company. TheStreet cut Depomed from a “c-” rating to a “d+” rating in a report on Thursday, April 27th. Cantor Fitzgerald set a $14.00 price objective on Depomed and gave the company a “hold” rating in a report on Monday, May 15th. Royal Bank Of Canada dropped their price objective on Depomed from $19.00 to $13.00 and set a “sector perform” rating for the company in a report on Wednesday, May 10th. Piper Jaffray Companies raised Depomed from an “underweight” rating to a “neutral” rating and dropped their price objective for the company from $11.00 to $10.00 in a report on Wednesday, May 10th. Finally, BidaskClub cut Depomed from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $14.59.

In other Depomed news, insider Arthur J. Higgins acquired 15,000 shares of the stock in a transaction that occurred on Monday, June 12th. The shares were bought at an average price of $9.92 per share, for a total transaction of $148,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.59% of the company’s stock.

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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Institutional Ownership by Quarter for Depomed (NASDAQ:DEPO)

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