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.
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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