Parametric Portfolio Associates LLC lowered its stake in shares of Depomed, Inc. (NASDAQ:DEPO) by 7.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 reporting period.
Other institutional investors have also recently made changes to their positions in the company. 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 valued at $318,000 after buying an additional 500 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of Depomed during the first quarter valued at $494,000. Creative Planning increased its position in shares of Depomed by 0.5% in the first quarter. Creative Planning now owns 40,245 shares of the specialty pharmaceutical company’s stock valued at $505,000 after buying an additional 185 shares during the last quarter. Gamco Investors INC. ET AL increased 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 during the last quarter. Finally, Perkins Capital Management Inc. increased its position in shares of Depomed by 3.7% in the first quarter. Perkins Capital Management Inc. now owns 75,667 shares of the specialty pharmaceutical company’s stock valued at $950,000 after buying an additional 2,667 shares during the last quarter. 92.78% of the stock is owned by institutional investors and hedge funds.
Depomed, Inc. (NASDAQ DEPO) traded up 3.97% on Friday, hitting $6.55. The stock had a trading volume of 1,241,273 shares. The company’s 50 day moving average is $9.39 and its 200-day moving average is $12.20. The stock’s market cap is $412.57 million. Depomed, Inc. has a 12 month low of $5.88 and a 12 month high of $27.02.
Depomed (NASDAQ:DEPO) last issued its quarterly earnings results on Monday, August 7th. The specialty pharmaceutical company reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $100.40 million. During the same period in the prior year, the company earned $0.27 EPS. The company’s revenue for the quarter was down 14.3% compared to the same quarter last year. Analysts forecast that Depomed, Inc. will post $0.48 EPS for the current year.
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DEPO has been the subject of several research analyst reports. Piper Jaffray Companies reiterated a “neutral” rating and issued a $9.00 price objective (down from $10.00) on shares of Depomed in a report on Wednesday, August 9th. Morgan Stanley downgraded Depomed from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $12.00 to $5.00 in a report on Tuesday, August 8th. Royal Bank Of Canada reduced their price objective on Depomed from $13.00 to $10.00 and set a “sector perform” rating for the company in a report on Tuesday, August 8th. Janney Montgomery Scott downgraded Depomed from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $18.00 to $8.00 in a report on Tuesday, August 8th. Finally, BidaskClub downgraded Depomed from a “sell” rating to a “strong sell” rating in a report on Saturday, August 5th. Four 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 company’s stock. Depomed has an average rating of “Hold” and a consensus target price of $14.59.
In other Depomed news, insider Arthur J. Higgins purchased 15,000 shares of Depomed stock in a transaction on Monday, June 12th. The shares were bought at an average price of $9.92 per share, with a total value of $148,800.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate 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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