Zacks: Brokerages Anticipate Depomed, Inc. (ASRT) Will Announce Quarterly Sales of $55.51 Million

Brokerages expect Depomed, Inc. (NYSE:ASRT) to announce $55.51 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Depomed’s earnings, with estimates ranging from $52.30 million to $58.72 million. Depomed posted sales of $128.40 million during the same quarter last year, which would indicate a negative year over year growth rate of 56.8%. The firm is expected to report its next quarterly earnings report on Thursday, May 9th.

According to Zacks, analysts expect that Depomed will report full year sales of $230.85 million for the current financial year, with estimates ranging from $227.00 million to $234.85 million. For the next financial year, analysts expect that the firm will post sales of $247.90 million, with estimates ranging from $239.80 million to $256.00 million. Zacks’ sales calculations are an average based on a survey of analysts that follow Depomed.

Depomed (NYSE:ASRT) last announced its quarterly earnings data on Wednesday, March 6th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.20 by $0.10. The firm had revenue of $62.80 million for the quarter, compared to the consensus estimate of $60.94 million. Depomed’s revenue for the quarter was down 33.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.15 earnings per share.

ASRT has been the topic of several recent research reports. Zacks Investment Research upgraded Depomed from a “hold” rating to a “buy” rating and set a $4.75 price objective on the stock in a research report on Monday, January 14th. Mizuho reiterated a “hold” rating and set a $6.00 price objective on shares of Depomed in a research report on Friday, January 11th.

In other news, CFO Daniel A. Peisert acquired 6,000 shares of Depomed stock in a transaction dated Thursday, March 14th. The shares were purchased at an average cost of $4.18 per share, for a total transaction of $25,080.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Arthur J. Higgins acquired 10,000 shares of Depomed stock in a transaction dated Thursday, March 14th. The shares were purchased at an average price of $4.17 per share, for a total transaction of $41,700.00. The disclosure for this purchase can be found here. Insiders have bought a total of 21,000 shares of company stock worth $87,430 over the last quarter.

A hedge fund recently raised its stake in Depomed stock. Public Employees Retirement System of Ohio increased its stake in shares of Depomed, Inc. (NYSE:ASRT) by 62.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,709 shares of the company’s stock after acquiring an additional 21,412 shares during the quarter. Public Employees Retirement System of Ohio owned approximately 0.09% of Depomed worth $201,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Shares of Depomed stock traded down $0.15 during trading on Wednesday, hitting $4.72. 874,500 shares of the stock traded hands, compared to its average volume of 817,961. Depomed has a 52 week low of $3.37 and a 52 week high of $9.48.

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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