Public Sector Pension investment Board trimmed its position in Depomed, Inc. (NASDAQ:DEPO) by 25.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,100 shares of the specialty pharmaceutical company’s stock after selling 11,200 shares during the period. Public Sector Pension investment Board owned approximately 0.05% of Depomed worth $345,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently made changes to their positions in DEPO. Litespeed Management L.L.C. boosted its stake in Depomed by 55.0% in the first quarter. Litespeed Management L.L.C. now owns 1,833,698 shares of the specialty pharmaceutical company’s stock valued at $23,013,000 after acquiring an additional 650,746 shares in the last quarter. Vanguard Group Inc. boosted its stake in Depomed by 14.6% in the first quarter. Vanguard Group Inc. now owns 4,791,200 shares of the specialty pharmaceutical company’s stock valued at $60,129,000 after acquiring an additional 609,722 shares in the last quarter. ING Groep NV acquired a new stake in Depomed in the second quarter valued at approximately $4,672,000. State of Wisconsin Investment Board boosted its stake in Depomed by 155.0% in the second quarter. State of Wisconsin Investment Board now owns 515,200 shares of the specialty pharmaceutical company’s stock valued at $5,533,000 after acquiring an additional 313,200 shares in the last quarter. Finally, Clark Estates Inc. NY acquired a new stake in Depomed in the second quarter valued at approximately $3,329,000. Institutional investors own 91.25% of the company’s stock.
Shares of Depomed, Inc. (DEPO) opened at 5.12 on Friday. The firm’s market capitalization is $322.50 million. The stock’s 50 day moving average is $6.01 and its 200 day moving average is $9.39. Depomed, Inc. has a 1-year low of $5.02 and a 1-year high of $24.50.
Depomed (NASDAQ:DEPO) last issued its earnings results on Monday, August 7th. The specialty pharmaceutical company reported ($0.43) earnings per share (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 company had revenue of $100.00 million during the quarter, compared to analyst estimates of $100.40 million. During the same quarter in the previous year, the company posted $0.27 EPS. The company’s quarterly revenue was down 14.3% on a year-over-year basis. Equities analysts predict that Depomed, Inc. will post $0.48 earnings per share for the current year.
Several brokerages have weighed in on DEPO. Royal Bank Of Canada set a $13.00 target price on shares of Depomed and gave the company a “hold” rating in a research note on Sunday, July 16th. BidaskClub downgraded shares of Depomed from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Janney Montgomery Scott downgraded shares of Depomed from a “buy” rating to a “neutral” rating and lowered their target price for the company from $18.00 to $8.00 in a research note on Tuesday, August 8th. Morgan Stanley downgraded shares of Depomed from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $12.00 to $5.00 in a research note on Tuesday, August 8th. Finally, ValuEngine upgraded shares of Depomed from a “strong sell” rating to a “sell” rating in a research note on Monday, September 11th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $13.44.
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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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