Schwab Charles Investment Management Inc. Sells 313,275 Shares of Depomed, Inc. (NASDAQ:DEPO)

Schwab Charles Investment Management Inc. lowered its stake in Depomed, Inc. (NASDAQ:DEPO) by 48.3% during the first quarter, Holdings Channel reports. The institutional investor owned 335,585 shares of the specialty pharmaceutical company’s stock after selling 313,275 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Depomed were worth $4,212,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of DEPO. State of Wisconsin Investment Board boosted its position in Depomed by 151.9% in the first quarter. State of Wisconsin Investment Board now owns 202,000 shares of the specialty pharmaceutical company’s stock valued at $2,535,000 after buying an additional 121,800 shares in the last quarter. State of Tennessee Treasury Department boosted its position in Depomed by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 56,811 shares of the specialty pharmaceutical company’s stock valued at $713,000 after buying an additional 8,574 shares in the last quarter. Gabelli Funds LLC boosted its position in Depomed by 547.1% in the first quarter. Gabelli Funds LLC now owns 220,000 shares of the specialty pharmaceutical company’s stock valued at $2,761,000 after buying an additional 186,000 shares in the last quarter. Gamco Investors INC. ET AL boosted its position 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 valued at $590,000 after buying an additional 32,000 shares in the last quarter. Finally, Comerica Bank boosted its position in Depomed by 2.5% in the first quarter. Comerica Bank now owns 108,195 shares of the specialty pharmaceutical company’s stock valued at $1,315,000 after buying an additional 2,659 shares in the last quarter. 92.78% of the stock is owned by institutional investors.

Shares of Depomed, Inc. (DEPO) traded down 0.63% during trading on Monday, hitting $6.28. The stock had a trading volume of 247,451 shares. Depomed, Inc. has a 52 week low of $5.95 and a 52 week high of $27.02. The company’s market capitalization is $395.56 million. The company’s 50 day moving average price is $10.06 and its 200 day moving average price is $12.61.

Depomed (NASDAQ:DEPO) last posted its quarterly earnings data on Monday, August 7th. The specialty pharmaceutical company reported ($0.43) EPS for the quarter, missing the consensus estimate of $0.09 by $0.52. Depomed had a negative net margin of 26.02% and a negative return on equity of 45.03%. The firm had revenue of $100 million during the quarter, compared to analysts’ expectations of $100.40 million. During the same quarter in the previous year, the company posted $0.27 EPS. Depomed’s revenue for the quarter was down 14.3% on a year-over-year basis. Analysts predict that Depomed, Inc. will post $0.51 earnings per share for the current year.

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Several research analysts have recently weighed in on the company. TheStreet cut Depomed from a “c-” rating to a “d+” rating in a research report on Thursday, April 27th. Cantor Fitzgerald set a $14.00 price target on Depomed and gave the company a “hold” rating in a research report on Monday, May 15th. Royal Bank Of Canada reduced their price target on Depomed from $19.00 to $13.00 and set a “sector perform” rating for the company in a research report on Wednesday, May 10th. Piper Jaffray Companies raised Depomed from an “underweight” rating to a “neutral” rating and reduced their price target for the company from $11.00 to $10.00 in a research report on Wednesday, May 10th. Finally, BidaskClub cut Depomed from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Four 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. The company has a consensus rating of “Hold” and a consensus price target of $14.59.

In other news, insider Arthur J. Higgins acquired 15,000 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The shares were acquired at an average price of $9.92 per share, for a total transaction of $148,800.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.59% of the stock is currently owned by corporate insiders.

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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Institutional Ownership by Quarter for Depomed (NASDAQ:DEPO)

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