Depomed Inc (DEPO) Receives Consensus Rating of “Hold” from Brokerages
Shares of Depomed Inc (NASDAQ:DEPO) have earned a consensus rating of “Hold” from the thirteen brokerages that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $12.38.
A number of equities research analysts have issued reports on DEPO shares. Royal Bank of Canada set a $8.00 target price on shares of Depomed and gave the company a “hold” rating in a research note on Friday, October 27th. Piper Jaffray Companies restated a “hold” rating and set a $5.00 price target on shares of Depomed in a report on Friday, November 10th. ValuEngine downgraded shares of Depomed from a “sell” rating to a “strong sell” rating in a report on Thursday, September 28th. Morgan Stanley upgraded shares of Depomed from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 9th. Finally, Mizuho upgraded shares of Depomed from a “neutral” rating to a “buy” rating and set a $9.00 price target on the stock in a report on Tuesday, December 5th.
Shares of Depomed (DEPO) traded down $0.14 during trading hours on Monday, hitting $8.33. 488,000 shares of the company’s stock were exchanged, compared to its average volume of 927,944. The firm has a market cap of $524.90, a price-to-earnings ratio of -4.55 and a beta of 1.29. Depomed has a 52 week low of $4.31 and a 52 week high of $19.07. The company has a quick ratio of 0.79, a current ratio of 0.83 and a debt-to-equity ratio of 2.90.
In other news, insider Arthur J. Higgins bought 75,000 shares of the company’s stock in a transaction that occurred on Thursday, December 14th. The shares were purchased at an average price of $8.16 per share, for a total transaction of $612,000.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.59% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in DEPO. Dimensional Fund Advisors LP raised its holdings in Depomed by 85.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,306,318 shares of the specialty pharmaceutical company’s stock worth $24,770,000 after acquiring an additional 1,063,868 shares during the period. State of Wisconsin Investment Board raised its holdings in Depomed by 85.4% in the 3rd quarter. State of Wisconsin Investment Board now owns 955,200 shares of the specialty pharmaceutical company’s stock worth $5,531,000 after acquiring an additional 440,000 shares during the period. Sivik Global Healthcare LLC bought a new position in Depomed in the 2nd quarter worth $1,933,000. Nordea Investment Management AB raised its holdings in Depomed by 95.1% in the 3rd quarter. Nordea Investment Management AB now owns 356,681 shares of the specialty pharmaceutical company’s stock worth $2,065,000 after acquiring an additional 173,826 shares during the period. Finally, Engineers Gate Manager LP bought a new position in Depomed in the 3rd quarter worth $812,000. Hedge funds and other institutional investors own 90.76% of the company’s stock.
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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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