Depomed (DEPO) Raised to Buy at Mizuho

Depomed (NASDAQ:DEPO) was upgraded by equities researchers at Mizuho from a “neutral” rating to a “buy” rating in a research note issued on Tuesday. The firm presently has a $9.00 price objective on the specialty pharmaceutical company’s stock. Mizuho’s price objective would indicate a potential upside of 25.87% from the company’s current price.

Several other equities analysts have also recently commented on DEPO. ValuEngine cut shares of Depomed from a “sell” rating to a “strong sell” rating in a research report on Thursday, September 28th. Janney Montgomery Scott cut shares of Depomed from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $18.00 to $8.00 in a research report on Tuesday, August 8th. Royal Bank Of Canada dropped their target price on shares of Depomed from $13.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 8th. UBS lifted their target price on shares of Depomed from $6.00 to $7.00 and gave the stock a “neutral” rating in a research report on Friday, November 10th. Finally, Piper Jaffray Companies reissued a “neutral” rating and set a $9.00 target price (down previously from $10.00) on shares of Depomed in a research report on Wednesday, August 9th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $10.94.

Depomed (NASDAQ:DEPO) opened at $7.15 on Tuesday. Depomed has a 1 year low of $4.31 and a 1 year high of $21.38. The company has a debt-to-equity ratio of 2.90, a quick ratio of 0.79 and a current ratio of 0.83.

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 Thomson Reuters’ consensus estimate of $0.12 by $0.02. Depomed had a negative net margin of 27.73% and a negative return on equity of 51.07%. The firm had revenue of $95.40 million for the quarter, compared to analysts’ expectations of $99.11 million. During the same quarter last year, the firm earned $0.28 EPS. The company’s quarterly revenue was down 13.7% compared to the same quarter last year. research analysts expect that Depomed will post -1.34 earnings per share for the current year.

Several large investors have recently bought and sold shares of DEPO. Dimensional Fund Advisors LP raised its holdings in shares of 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 purchasing an additional 1,063,868 shares during the period. State of Wisconsin Investment Board raised its holdings in Depomed by 85.4% during the 3rd quarter. State of Wisconsin Investment Board now owns 955,200 shares of the specialty pharmaceutical company’s stock valued at $5,531,000 after acquiring an additional 440,000 shares during the period. Clark Estates Inc. NY bought a new stake in Depomed during the 2nd quarter valued at $3,329,000. Marshall Wace North America L.P. bought a new stake in Depomed during the 2nd quarter valued at $2,834,000. Finally, Renaissance Technologies LLC bought a new stake in Depomed during the 1st quarter valued at $2,741,000. 90.99% of the stock is currently owned by institutional investors.

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About Depomed

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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