Depomed (ASRT) Shares Down 9.8% on Analyst Downgrade

Depomed, Inc. (NYSE:ASRT) fell 9.8% on Thursday after Mizuho lowered their price target on the stock from $6.00 to $3.00. Mizuho currently has a neutral rating on the stock. Depomed traded as low as $3.92 and last traded at $3.57. 21,405 shares traded hands during mid-day trading, a decline of 97% from the average session volume of 840,102 shares. The stock had previously closed at $3.96.

Separately, Zacks Investment Research downgraded shares of Depomed from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 8th.

In related news, CFO Daniel A. Peisert purchased 6,000 shares of Depomed stock in a transaction that occurred on Thursday, March 14th. The shares were bought at an average price of $4.18 per share, with a total value of $25,080.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Arthur J. Higgins purchased 10,000 shares of Depomed stock in a transaction that occurred on Thursday, March 14th. The stock was bought at an average cost of $4.17 per share, for a total transaction of $41,700.00. The disclosure for this purchase can be found here. In the last three months, insiders bought 21,000 shares of company stock worth $87,430.

A hedge fund recently raised its stake in Depomed stock. BNP Paribas Arbitrage SA increased its stake in Depomed, Inc. (NYSE:ASRT) by 11,153.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,379 shares of the company’s stock after buying an additional 12,269 shares during the period. BNP Paribas Arbitrage SA’s holdings in Depomed were worth $63,000 as of its most recent SEC filing.

Depomed (NYSE:ASRT) last posted its quarterly earnings results on Wednesday, March 6th. The company reported $0.30 EPS 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 analysts’ expectations of $60.94 million. The company’s quarterly revenue was down 33.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.15 EPS.

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About Depomed (NYSE:ASRT)

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.

See Also: Initial Public Offering (IPO)

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