BidaskClub upgraded shares of Depomed (NASDAQ:DEPO) from a sell rating to a hold rating in a research report released on Wednesday.
Several other equities research analysts have also recently issued reports on DEPO. UBS Group lifted their price objective on Depomed from $6.00 to $7.00 and gave the stock a neutral rating in a report on Friday, November 10th. Piper Jaffray Companies reiterated a hold rating and issued a $9.00 price objective on shares of Depomed in a report on Thursday, December 7th. ValuEngine upgraded Depomed from a strong sell rating to a sell rating in a report on Tuesday, December 5th. Royal Bank of Canada set a $8.00 price objective on Depomed and gave the stock a hold rating in a report on Friday, October 27th. Finally, Mizuho upgraded Depomed from a neutral rating to a buy rating and set a $9.00 price objective on the stock in a report on Tuesday, December 5th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $10.27.
Shares of Depomed (NASDAQ:DEPO) opened at $7.46 on Wednesday. The company has a quick ratio of 0.79, a current ratio of 0.83 and a debt-to-equity ratio of 2.90. Depomed has a twelve month low of $4.31 and a twelve month high of $17.86.
In related news, insider Arthur J. Higgins bought 75,000 shares of the stock in a transaction dated Thursday, December 14th. The shares were acquired at an average cost of $8.16 per share, for a total transaction of $612,000.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.59% of the company’s stock.
Several institutional investors have recently modified their holdings of DEPO. Renaissance Technologies LLC boosted its holdings in shares of Depomed by 167.2% during the 4th quarter. Renaissance Technologies LLC now owns 2,723,400 shares of the specialty pharmaceutical company’s stock worth $21,923,000 after purchasing an additional 1,704,200 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Depomed by 85.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,306,318 shares of the specialty pharmaceutical company’s stock worth $24,770,000 after purchasing an additional 1,063,868 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Depomed by 47.1% during the 4th quarter. Millennium Management LLC now owns 1,904,663 shares of the specialty pharmaceutical company’s stock worth $15,333,000 after purchasing an additional 609,948 shares during the last quarter. State of Wisconsin Investment Board boosted its holdings in shares of 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 purchasing an additional 440,000 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new position in Depomed in the fourth quarter valued at approximately $2,858,000. Institutional investors and hedge funds own 92.40% of the company’s stock.
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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).
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