Depomed, Inc. (DEPO) Raised to Equal Weight at Morgan Stanley

Morgan Stanley upgraded shares of Depomed, Inc. (NASDAQ:DEPO) from an underweight rating to an equal weight rating in a report issued on Thursday morning, MarketBeat.com reports.

A number of other brokerages also recently weighed in on DEPO. ValuEngine upgraded Depomed from a strong sell rating to a sell rating in a report on Monday, September 11th. Piper Jaffray Companies set a $9.00 price target on Depomed and gave the company a hold rating in a report on Sunday, October 15th. Royal Bank Of Canada lowered their price target on Depomed from $8.00 to $6.00 and set a sector perform rating for the company in a report on Wednesday. BidaskClub downgraded Depomed from a sell rating to a strong sell rating in a research note on Saturday, August 5th. Finally, Mizuho restated a neutral rating and set a $6.00 price objective (down from $11.00) on shares of Depomed in a research note on Friday, October 13th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $10.64.

Shares of Depomed (NASDAQ:DEPO) traded up $0.50 during midday trading on Thursday, hitting $6.42. The stock had a trading volume of 3,121,900 shares, compared to its average volume of 1,577,635. Depomed has a 1-year low of $4.31 and a 1-year high of $21.56. The company has a quick ratio of 0.75, a current ratio of 0.99 and a debt-to-equity ratio of 3.19.

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

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A number of hedge funds have recently made changes to their positions in the business. Nordea Investment Management AB boosted its position in Depomed by 95.1% during the 3rd quarter. Nordea Investment Management AB now owns 356,681 shares of the specialty pharmaceutical company’s stock worth $2,065,000 after acquiring an additional 173,826 shares during the period. Systematic Financial Management LP boosted its position in Depomed by 52.1% during the 3rd quarter. Systematic Financial Management LP now owns 254,995 shares of the specialty pharmaceutical company’s stock worth $1,476,000 after acquiring an additional 87,320 shares during the period. BNP Paribas Arbitrage SA boosted its position in Depomed by 71.0% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 32,251 shares of the specialty pharmaceutical company’s stock worth $187,000 after acquiring an additional 13,388 shares during the period. Prudential Financial Inc. boosted its position in Depomed by 13.0% during the 3rd quarter. Prudential Financial Inc. now owns 117,116 shares of the specialty pharmaceutical company’s stock worth $678,000 after acquiring an additional 13,470 shares during the period. Finally, State of Wisconsin Investment Board boosted its position in Depomed by 85.4% during the 3rd quarter. State of Wisconsin Investment Board now owns 955,200 shares of the specialty pharmaceutical company’s stock worth $5,531,000 after acquiring an additional 440,000 shares during the period. Institutional investors own 90.83% of the company’s stock.

About Depomed

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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