The Janney Montgomery Scott Reaffirms “Buy” Rating for Depomed Inc. (DEPO)

The Janney Montgomery Scott Reaffirms “Buy” Rating for Depomed Inc. (DEPO)

Janney Montgomery Scott reaffirmed their buy rating on shares of Depomed Inc. (NASDAQ:DEPO) in a research report sent to investors on Tuesday morning. The brokerage currently has a $31.00 price objective on the specialty pharmaceutical company’s stock, up from their prior price objective of $28.00.

A number of other brokerages have also recently weighed in on DEPO. Leerink Swann reissued a positive rating on shares of Depomed in a research report on Monday, July 18th. Cantor Fitzgerald reissued a buy rating on shares of Depomed in a research report on Wednesday, June 22nd. Piper Jaffray Cos. cut shares of Depomed from an overweight rating to a neutral rating and reduced their price target for the company from $21.00 to $18.00 in a research report on Wednesday, July 27th. Royal Bank Of Canada reissued a hold rating on shares of Depomed in a research report on Monday, July 11th. Finally, JMP Securities reduced their price target on shares of Depomed from $28.00 to $22.00 and set a market outperform rating for the company in a research report on Thursday, August 4th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of Hold and an average price target of $23.14.

Shares of Depomed (NASDAQ:DEPO) opened at 25.20 on Tuesday. The stock’s market capitalization is $1.55 billion. Depomed has a 1-year low of $12.25 and a 1-year high of $27.02. The stock’s 50 day moving average is $22.69 and its 200 day moving average is $19.49.

Depomed (NASDAQ:DEPO) last announced its quarterly earnings results on Wednesday, August 3rd. The specialty pharmaceutical company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.01. Depomed had a negative net margin of 16.89% and a positive return on equity of 3.71%. The firm earned $116.70 million during the quarter, compared to analysts’ expectations of $118.20 million. During the same period in the previous year, the company earned $0.27 earnings per share. Depomed’s quarterly revenue was up 23.5% compared to the same quarter last year. On average, equities analysts forecast that Depomed will post $1.19 EPS for the current year.

In other Depomed news, CFO August J. Moretti sold 5,000 shares of the company’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $21.40, for a total transaction of $107,000.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Thadd M. Vargas sold 11,250 shares of the company’s stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $25.00, for a total transaction of $281,250.00. Following the transaction, the vice president now owns 73,086 shares in the company, valued at $1,827,150. The disclosure for this sale can be found here. Insiders own 5.12% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. First Manhattan Co. raised its position in shares of Depomed by 16,250.0% in the second quarter. First Manhattan Co. now owns 327,000 shares of the specialty pharmaceutical company’s stock valued at $6,415,000 after buying an additional 325,000 shares during the last quarter. PineBridge Investments L.P. raised its position in shares of Depomed by 4.1% in the second quarter. PineBridge Investments L.P. now owns 7,748 shares of the specialty pharmaceutical company’s stock valued at $152,000 after buying an additional 306 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Depomed by 620.1% in the second quarter. BNP Paribas Arbitrage SA now owns 20,156 shares of the specialty pharmaceutical company’s stock valued at $395,000 after buying an additional 17,357 shares during the last quarter. Scoggin Management LP bought a new position in shares of Depomed during the second quarter valued at $29,430,000. Finally, Opaleye Management Inc. raised its position in shares of Depomed by 8.3% in the first quarter. Opaleye Management Inc. now owns 325,000 shares of the specialty pharmaceutical company’s stock valued at $4,527,000 after buying an additional 25,000 shares during the last quarter.

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