Depomed (ASRT) Trading 7.1% Higher After Better-Than-Expected Earnings

Depomed, Inc. (NYSE:ASRT) traded up 7.1% on Friday following a better than expected earnings announcement. The company traded as high as $5.64 and last traded at $5.43. 1,326,818 shares traded hands during mid-day trading, an increase of 19% from the average session volume of 1,112,025 shares. The stock had previously closed at $5.07.

The company reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.11) by $0.53. The business had revenue of $81.20 million for the quarter, compared to analysts’ expectations of $76.45 million. During the same period last year, the business earned $0.14 EPS. The company’s revenue for the quarter was down 14.9% on a year-over-year basis.

Several research firms recently commented on ASRT. Zacks Investment Research lowered shares of Depomed from a “buy” rating to a “hold” rating in a research report on Tuesday, October 30th. Janney Montgomery Scott lowered shares of Depomed from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 29th. Finally, Roth Capital restated a “buy” rating on shares of Depomed in a research report on Tuesday, August 21st.

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Depomed Company Profile (NYSE:ASRT)

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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