Zacks Investment Research upgraded shares of Depomed (NYSE:ASRT) from a hold rating to a buy rating in a research note published on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $4.75 price target on the stock.
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. “
Shares of NYSE ASRT traded down $0.01 during midday trading on Tuesday, reaching $3.54. 15,470 shares of the company were exchanged, compared to its average volume of 844,515. Depomed has a 1 year low of $3.37 and a 1 year high of $9.48.
Depomed (NYSE:ASRT) last posted its quarterly earnings results on Wednesday, March 6th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.10. The company had revenue of $62.80 million for the quarter, compared to analyst estimates of $60.94 million. During the same quarter in the previous year, the business posted $0.15 earnings per share. Depomed’s revenue was down 33.5% on a year-over-year basis.
In other news, Director William Mckee sold 12,500 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $4.70, for a total value of $58,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel A. Peisert acquired 6,000 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was bought at an average price of $4.18 per share, with a total value of $25,080.00. The disclosure for this purchase can be found here. Insiders acquired a total of 21,000 shares of company stock worth $87,430 in the last quarter.
An institutional investor recently raised its position in Depomed stock. BNP Paribas Arbitrage SA lifted its holdings in shares of Depomed, Inc. (NYSE:ASRT) by 11,153.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,379 shares of the company’s stock after purchasing an additional 12,269 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in Depomed were worth $63,000 as of its most recent SEC filing.
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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