Depomed, Inc. (NYSE:ASRT) Expected to Post Quarterly Sales of $59.26 Million

Brokerages predict that Depomed, Inc. (NYSE:ASRT) will announce sales of $59.26 million for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Depomed’s earnings, with estimates ranging from $59.10 million to $59.41 million. Depomed reported sales of $77.49 million in the same quarter last year, which would suggest a negative year over year growth rate of 23.5%. The business is scheduled to issue its next earnings results on Thursday, November 14th.

According to Zacks, analysts expect that Depomed will report full-year sales of $236.47 million for the current financial year, with estimates ranging from $234.03 million to $238.90 million. For the next fiscal year, analysts expect that the company will post sales of $237.34 million, with estimates ranging from $229.60 million to $245.08 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Depomed.

Depomed (NYSE:ASRT) last posted its earnings results on Wednesday, August 7th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.01). The company had revenue of $57.20 million during the quarter, compared to analysts’ expectations of $58.49 million.

Separately, Zacks Investment Research upgraded Depomed from a “hold” rating to a “buy” rating and set a $1.75 target price on the stock in a research report on Tuesday, August 13th.

ASRT traded up $0.05 during trading hours on Tuesday, hitting $1.37. The company’s stock had a trading volume of 20,907 shares, compared to its average volume of 993,193. Depomed has a fifty-two week low of $1.23 and a fifty-two week high of $6.24. The company has a 50-day simple moving average of $1.71 and a 200 day simple moving average of $3.34.

In other Depomed news, Director Arthur J. Higgins bought 50,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was acquired at an average price of $1.54 per share, with a total value of $77,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arthur J. Higgins bought 25,000 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was acquired at an average cost of $1.61 per share, with a total value of $40,250.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 112,000 shares of company stock worth $174,320.

A hedge fund recently raised its stake in Depomed stock. Public Employees Retirement System of Ohio boosted its position in shares of Depomed, Inc. (NYSE:ASRT) by 57.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 127,059 shares of the company’s stock after purchasing an additional 46,300 shares during the period. Public Employees Retirement System of Ohio owned 0.20% of Depomed worth $438,000 at the end of the most recent reporting period.

About Depomed

Assertio Therapeutics, 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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