Zacks Investment Research Downgrades Depomed (NYSE:ASRT) to Hold

Depomed (NYSE:ASRT) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday, Zacks.com reports.

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. “

Separately, Mizuho lowered their price target on Depomed from $6.00 to $3.00 and set a “neutral” rating on the stock in a report on Thursday, May 16th.

NYSE ASRT traded down $0.09 on Tuesday, reaching $3.07. The company’s stock had a trading volume of 24,669 shares, compared to its average volume of 837,610. Depomed has a twelve month low of $2.88 and a twelve month high of $9.48. The business has a 50 day moving average price of $3.21.

Depomed (NYSE:ASRT) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.22) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.05. The firm had revenue of $57.93 million for the quarter, compared to analysts’ expectations of $55.51 million.

In other news, Director Karen A. Dawes sold 12,500 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $3.18, for a total value of $39,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

A hedge fund recently raised its stake in Depomed stock. BNP Paribas Arbitrage SA increased its holdings in shares of Depomed, Inc. (NYSE:ASRT) by 11,153.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,379 shares of the company’s stock after acquiring 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.

About Depomed

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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