Piper Jaffray Companies Reiterates “Hold” Rating for Depomed (DEPO)

Depomed (NASDAQ:DEPO)‘s stock had its “hold” rating restated by equities research analysts at Piper Jaffray Companies in a research note issued to investors on Thursday. They presently have a $9.00 target price on the specialty pharmaceutical company’s stock. Piper Jaffray Companies’ price target points to a potential upside of 10.97% from the stock’s previous close.

A number of other analysts have also recently issued reports on the company. BidaskClub upgraded Depomed from a “sell” rating to a “hold” rating in a research report on Wednesday. ValuEngine upgraded Depomed from a “strong sell” rating to a “sell” rating in a research report on Tuesday. Mizuho upgraded Depomed from a “neutral” rating to a “buy” rating and set a $9.00 price objective on the stock in a research report on Tuesday. UBS boosted their price objective on Depomed from $6.00 to $7.00 and gave the company a “neutral” rating in a research report on Friday, November 10th. Finally, Morgan Stanley upgraded Depomed from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 9th. Two investment 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 presently has an average rating of “Hold” and an average price target of $11.34.

Shares of Depomed (NASDAQ:DEPO) opened at $8.11 on Thursday. 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 has a 1 year low of $4.31 and a 1 year high of $21.38.

Depomed (NASDAQ:DEPO) last released its quarterly earnings data on Tuesday, November 7th. The specialty pharmaceutical company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The business had revenue of $95.40 million for the quarter, compared to analysts’ expectations of $99.11 million. Depomed had a negative return on equity of 51.07% and a negative net margin of 27.73%. Depomed’s quarterly revenue was down 13.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.28 earnings per share. analysts predict that Depomed will post -1.34 earnings per share for the current year.

A number of institutional investors have recently bought and sold shares of DEPO. State of Alaska Department of Revenue boosted its stake in Depomed by 79.5% in the second quarter. State of Alaska Department of Revenue now owns 12,298 shares of the specialty pharmaceutical company’s stock worth $132,000 after purchasing an additional 5,448 shares in the last quarter. Piedmont Investment Advisors LLC acquired a new position in Depomed in the second quarter worth $145,000. Captrust Financial Advisors acquired a new position in Depomed in the second quarter worth $147,000. Municipal Employees Retirement System of Michigan boosted its stake in Depomed by 4.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 14,660 shares of the specialty pharmaceutical company’s stock worth $157,000 after purchasing an additional 590 shares in the last quarter. Finally, BNP Paribas Arbitrage SA boosted its stake in Depomed by 71.0% in the third quarter. BNP Paribas Arbitrage SA now owns 32,251 shares of the specialty pharmaceutical company’s stock worth $187,000 after purchasing an additional 13,388 shares in the last quarter. 90.99% of the stock is currently owned by institutional investors.

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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).

Analyst Recommendations for Depomed (NASDAQ:DEPO)

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