Depomed Inc (DEPO) Expected to Announce Quarterly Sales of $65.23 Million

Equities research analysts forecast that Depomed Inc (NASDAQ:DEPO) will announce sales of $65.23 million for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Depomed’s earnings, with the highest sales estimate coming in at $67.00 million and the lowest estimate coming in at $62.72 million. Depomed reported sales of $95.41 million during the same quarter last year, which would indicate a negative year over year growth rate of 31.6%. The business is scheduled to issue its next quarterly earnings results on Tuesday, November 6th.

On average, analysts expect that Depomed will report full-year sales of $280.48 million for the current fiscal year, with estimates ranging from $260.04 million to $319.10 million. For the next financial year, analysts anticipate that the firm will post sales of $262.72 million per share, with estimates ranging from $252.70 million to $276.15 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Depomed.

Depomed (NASDAQ:DEPO) last issued its quarterly earnings data on Wednesday, August 8th. The specialty pharmaceutical company reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.03. The firm had revenue of $63.27 million for the quarter, compared to analyst estimates of $63.72 million. Depomed had a negative return on equity of 13.22% and a negative net margin of 9.52%. The business’s quarterly revenue was down 37.0% compared to the same quarter last year. During the same period last year, the company earned $0.08 EPS.

A number of brokerages have recently weighed in on DEPO. Royal Bank of Canada set a $8.00 price objective on Depomed and gave the stock a “hold” rating in a research report on Wednesday. ValuEngine upgraded Depomed from a “sell” rating to a “hold” rating in a research report on Wednesday. Janney Montgomery Scott upgraded Depomed from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $7.00 to $10.00 in a research report on Monday, July 9th. Finally, BidaskClub upgraded Depomed from a “sell” rating to a “hold” rating in a research report on Wednesday, June 13th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $8.67.

Shares of DEPO stock traded down $0.34 during trading hours on Tuesday, reaching $7.22. The company’s stock had a trading volume of 1,700,822 shares, compared to its average volume of 1,211,823. Depomed has a one year low of $4.31 and a one year high of $9.48. The company has a current ratio of 0.55, a quick ratio of 0.73 and a debt-to-equity ratio of 2.48.

Several institutional investors and hedge funds have recently added to or reduced their stakes in DEPO. ClariVest Asset Management LLC purchased a new position in shares of Depomed in the 1st quarter valued at approximately $108,000. Jane Street Group LLC purchased a new position in shares of Depomed in the 4th quarter valued at approximately $127,000. Fox Run Management L.L.C. purchased a new position in shares of Depomed in the 2nd quarter valued at approximately $128,000. Sun Life Financial INC purchased a new position in shares of Depomed in the 2nd quarter valued at approximately $186,000. Finally, Element Capital Management LLC purchased a new position in shares of Depomed in the 1st quarter valued at approximately $197,000. Institutional investors own 97.73% of the company’s stock.

About Depomed

Depomed, Inc, a specialty pharmaceutical company, engages in the development, sale, and licensing of products for pain and other central nervous system conditions in the United States. It offers Gralise (gabapentin), an once-daily product for the management of postherpetic neuralgia; CAMBIA (diclofenac potassium for oral solution), a non-steroidal anti-inflammatory drug indicated for acute treatment of migraine attacks in adults; and Zipsor (diclofenac potassium) liquid filled capsule, a non-steroidal anti-inflammatory drug for the treatment of mild to moderate acute pain in adults.

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