Depomed (DEPO) Stock Price Up 9.9%

Depomed, Inc. (NASDAQ:DEPO) shares rose 9.9% during mid-day trading on Tuesday . The stock traded as high as $8.52 and last traded at $7.86. Approximately 6,372,815 shares were traded during trading, an increase of 287% from the average daily volume of 1,647,655 shares. The stock had previously closed at $7.15.

A number of research firms have weighed in on DEPO. Morgan Stanley raised shares of Depomed from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 9th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $5.00 price objective on shares of Depomed in a report on Friday, November 10th. Royal Bank Of Canada set a $10.00 price objective on shares of Depomed and gave the company a “hold” rating in a report on Friday, October 20th. Mizuho reaffirmed a “neutral” rating and issued a $6.00 price objective (down previously from $11.00) on shares of Depomed in a report on Friday, October 13th. Finally, ValuEngine raised shares of Depomed from a “strong sell” rating to a “sell” rating in a report on Monday, September 11th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $11.34.

The company has a debt-to-equity ratio of 2.90, a current ratio of 0.83 and a quick ratio of 0.79.

Depomed (NASDAQ:DEPO) last released its quarterly earnings data on Tuesday, November 7th. The specialty pharmaceutical company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $95.40 million during the quarter, compared to analysts’ expectations of $99.11 million. During the same quarter in the previous year, the company earned $0.28 earnings per share. The firm’s revenue for the quarter was down 13.7% on a year-over-year basis. research analysts anticipate that Depomed, Inc. will post -1.34 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in shares of Depomed by 0.6% in the third quarter. Dimensional Fund Advisors LP now owns 2,321,109 shares of the specialty pharmaceutical company’s stock valued at $13,439,000 after purchasing an additional 14,791 shares during the period. State of Wisconsin Investment Board grew its position in shares of Depomed by 85.4% in the third quarter. State of Wisconsin Investment Board now owns 955,200 shares of the specialty pharmaceutical company’s stock valued at $5,531,000 after purchasing an additional 440,000 shares during the period. HighTower Advisors LLC grew its position in shares of Depomed by 3.2% in the second quarter. HighTower Advisors LLC now owns 920,921 shares of the specialty pharmaceutical company’s stock valued at $9,883,000 after purchasing an additional 28,893 shares during the period. Principal Financial Group Inc. grew its position in shares of Depomed by 2.8% in the second quarter. Principal Financial Group Inc. now owns 487,057 shares of the specialty pharmaceutical company’s stock valued at $5,231,000 after purchasing an additional 13,330 shares during the period. Finally, OxFORD Asset Management LLP grew its position in shares of Depomed by 22.8% in the third quarter. OxFORD Asset Management LLP now owns 470,451 shares of the specialty pharmaceutical company’s stock valued at $2,764,000 after purchasing an additional 87,332 shares during the period. Institutional investors and hedge funds own 90.99% of the company’s stock.

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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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