Depomed (NYSE:ASRT) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Depomed (NYSE:ASRT) from a hold rating to a buy rating in a report issued on Thursday, Zacks.com reports. Zacks Investment Research currently has $3.50 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. “

Separately, Mizuho decreased their target price on shares of Depomed from $6.00 to $3.00 and set a neutral rating on the stock in a research report on Thursday, May 16th.

Depomed stock opened at $3.00 on Thursday. The business’s 50-day moving average price is $3.17. Depomed has a 12-month low of $2.86 and a 12-month high of $9.48.

Depomed (NYSE:ASRT) last released its earnings results on Wednesday, May 8th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.27) by $0.05. The company had revenue of $57.93 million during the quarter, compared to analyst estimates of $55.51 million.

In related news, Director Karen A. Dawes sold 12,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were 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 SEC, which is available through this link.

An institutional investor recently raised its position in Depomed stock. BNP Paribas Arbitrage SA increased its stake in Depomed, Inc. (NYSE:ASRT) by 11,153.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,379 shares of the company’s stock after acquiring an additional 12,269 shares during the period. 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.

Further Reading: Oversold

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