Assertio Holdings, Inc. (NASDAQ:ASRT) Given Consensus Recommendation of “Reduce” by Analysts

Shares of Assertio Holdings, Inc. (NASDAQ:ASRT) have been assigned an average rating of “Reduce” from the five brokerages that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $22.65.

A number of research firms recently commented on ASRT. Maxim Group cut shares of Assertio from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 9th. Lake Street Capital restated a “hold” rating and issued a $23.50 target price (up from $21.80) on shares of Assertio in a research note on Wednesday, May 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Assertio in a research report on Monday, April 20th. Wall Street Zen downgraded Assertio from a “buy” rating to a “hold” rating in a research note on Saturday, March 21st. Finally, HC Wainwright reissued a “neutral” rating and issued a $21.80 price objective (up from $18.00) on shares of Assertio in a report on Tuesday, May 5th.

Assertio Stock Performance

Shares of ASRT stock opened at $23.50 on Friday. The firm has a market cap of $151.81 million, a price-to-earnings ratio of -4.13 and a beta of 0.52. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.57 and a current ratio of 1.82. Assertio has a 52 week low of $8.61 and a 52 week high of $23.50. The firm’s 50-day simple moving average is $23.42 and its two-hundred day simple moving average is $17.31.

Assertio (NASDAQ:ASRT) last released its earnings results on Friday, May 8th. The company reported ($2.93) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.10) by ($0.83). Assertio had a negative net margin of 34.94% and a negative return on equity of 38.72%. The company had revenue of $9.93 million during the quarter, compared to analysts’ expectations of $8.97 million. As a group, equities analysts forecast that Assertio will post 0.03 earnings per share for the current year.

Hedge Funds Weigh In On Assertio

Several large investors have recently modified their holdings of ASRT. Nantahala Capital Management LLC grew its stake in Assertio by 4.4% during the second quarter. Nantahala Capital Management LLC now owns 8,810,073 shares of the company’s stock valued at $5,649,000 after acquiring an additional 370,311 shares in the last quarter. Opaleye Management Inc. purchased a new stake in Assertio in the 4th quarter worth approximately $2,585,000. Perritt Capital Management Inc lifted its stake in Assertio by 51.6% in the 3rd quarter. Perritt Capital Management Inc now owns 350,316 shares of the company’s stock worth $309,000 after purchasing an additional 119,281 shares in the last quarter. Edgewood Management LLC bought a new position in Assertio in the 4th quarter valued at $975,000. Finally, Walleye Capital LLC bought a new position in Assertio in the 1st quarter valued at $1,257,000. Hedge funds and other institutional investors own 48.96% of the company’s stock.

About Assertio

Assertio Therapeutics, Inc, formerly known as Depomed, is a specialty pharmaceutical company focused on the development and commercialization of therapies for central nervous system (CNS) disorders, including neuropathic pain, migraine and breakthrough cancer pain. The company’s commercial portfolio includes three FDA-approved products—Qutenza (8% capsaicin) for postherpetic neuralgia, Butrans (buprenorphine) transdermal system for chronic pain and Onsolis (fentanyl buccal soluble film) for breakthrough cancer pain—which are marketed primarily in the United States under licensing agreements with global partners.

In addition to its marketed therapies, Assertio maintains a pipeline of preclinical and clinical-stage candidates targeting a range of pain and neurological conditions.