Depomed (ASRT) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of Depomed (NYSE:ASRT) from a strong-buy rating to a hold rating in a research report report published on Wednesday morning, Zacks.com reports.

According to Zacks, “Assertio Therapeutics, Inc. is a pharmaceutical company. It develops and markets a product for the treatment in neurology, orphan and diseases of the central nervous system. Assertio Therapeutics, Inc., formerly known as Depomed Inc., is headquartered in Lake Forest, Illinois. “

Separately, Mizuho reissued a hold rating and issued a $6.00 target price on shares of Depomed in a research report on Friday, January 11th.

ASRT opened at $4.41 on Wednesday. Depomed has a 1-year low of $3.37 and a 1-year high of $9.48.

Depomed (NYSE:ASRT) last released its earnings results on Wednesday, March 6th. The company reported $0.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.10. The company had revenue of $62.80 million during the quarter, compared to the consensus estimate of $60.94 million. Depomed’s revenue for the quarter was down 33.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.15 EPS.

In other Depomed news, CFO Daniel A. Peisert purchased 6,000 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was acquired at an average cost of $4.18 per share, with a total value of $25,080.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director William Mckee sold 12,500 shares of Depomed stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $4.70, for a total transaction of $58,750.00. The disclosure for this sale can be found here. Insiders bought a total of 21,000 shares of company stock valued at $87,430 in the last three months.

An institutional investor recently raised its position in Depomed stock. Public Employees Retirement System of Ohio increased its holdings in Depomed, Inc. (NYSE:ASRT) by 62.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 55,709 shares of the company’s stock after buying an additional 21,412 shares during the period. Public Employees Retirement System of Ohio owned about 0.09% of Depomed worth $201,000 as of its most recent filing with the SEC.

Depomed Company Profile

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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