Parametric Portfolio Associates LLC cut its position in shares of Depomed, Inc. (NASDAQ:DEPO) by 7.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 72,070 shares of the specialty pharmaceutical company’s stock after selling 6,207 shares during the period. Parametric Portfolio Associates LLC owned 0.12% of Depomed worth $904,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of DEPO. Louisiana State Employees Retirement System increased its position in shares of Depomed by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 25,300 shares of the specialty pharmaceutical company’s stock worth $318,000 after buying an additional 500 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in Depomed during the first quarter worth $494,000. Creative Planning raised its stake in Depomed by 0.5% in the first quarter. Creative Planning now owns 40,245 shares of the specialty pharmaceutical company’s stock worth $505,000 after buying an additional 185 shares during the last quarter. Gamco Investors INC. ET AL raised its stake in 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 worth $590,000 after buying an additional 32,000 shares during the last quarter. Finally, Perkins Capital Management Inc. raised its stake in Depomed by 3.7% in the first quarter. Perkins Capital Management Inc. now owns 75,667 shares of the specialty pharmaceutical company’s stock worth $950,000 after buying an additional 2,667 shares during the last quarter. 91.42% of the stock is currently owned by institutional investors and hedge funds.
Shares of Depomed, Inc. (DEPO) opened at 6.32 on Friday. The company has a 50-day moving average of $10.06 and a 200 day moving average of $12.61. Depomed, Inc. has a 12 month low of $5.95 and a 12 month high of $27.02. The company’s market capitalization is $398.08 million.
Depomed (NASDAQ:DEPO) last released its quarterly earnings data on Monday, August 7th. The specialty pharmaceutical company reported ($0.43) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by $0.52. The firm had revenue of $100 million for the quarter, compared to the consensus estimate of $100.40 million. Depomed had a negative net margin of 26.02% and a negative return on equity of 45.03%. The company’s revenue was down 14.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.27 EPS. Analysts forecast that Depomed, Inc. will post $0.51 EPS for the current year.
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DEPO has been the subject of a number of recent analyst reports. TheStreet lowered shares of Depomed from a “c-” rating to a “d+” rating in a report on Thursday, April 27th. Royal Bank Of Canada reissued a “hold” rating and set a $13.00 price objective on shares of Depomed in a report on Tuesday, June 13th. Cantor Fitzgerald set a $14.00 price objective on shares of Depomed and gave the stock a “hold” rating in a report on Monday, May 15th. Piper Jaffray Companies raised shares of Depomed from an “underweight” rating to a “neutral” rating and decreased their price objective for the stock from $11.00 to $10.00 in a report on Wednesday, May 10th. Finally, Janney Montgomery Scott lowered shares of Depomed from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $18.00 to $8.00 in a report on Tuesday. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $14.59.
In other news, insider Arthur J. Higgins acquired 15,000 shares of the firm’s stock in a transaction dated Monday, June 12th. The stock was purchased at an average price of $9.92 per share, for a total transaction of $148,800.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.59% of the company’s stock.
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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