Depomed, Inc. (NASDAQ:DEPO) Shares Bought by Candriam Luxembourg S.C.A.

Candriam Luxembourg S.C.A. increased its position in Depomed, Inc. (NASDAQ:DEPO) by 541.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 136,250 shares of the specialty pharmaceutical company’s stock after buying an additional 115,000 shares during the period. Candriam Luxembourg S.C.A. owned about 0.22% of Depomed worth $1,463,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of DEPO. Texas Permanent School Fund increased its position in shares of Depomed by 1.1% in the second quarter. Texas Permanent School Fund now owns 45,478 shares of the specialty pharmaceutical company’s stock worth $488,000 after buying an additional 517 shares during the period. Tokio Marine Asset Management Co. Ltd. increased its position in shares of Depomed by 245.9% in the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 163,600 shares of the specialty pharmaceutical company’s stock worth $1,757,000 after buying an additional 116,300 shares during the period. Great West Life Assurance Co. Can increased its position in shares of Depomed by 5.2% in the second quarter. Great West Life Assurance Co. Can now owns 88,548 shares of the specialty pharmaceutical company’s stock worth $949,000 after buying an additional 4,400 shares during the period. Municipal Employees Retirement System of Michigan increased its position in shares of Depomed by 4.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 14,660 shares of the specialty pharmaceutical company’s stock worth $157,000 after buying an additional 590 shares during the period. Finally, Perkins Capital Management Inc. increased its position in shares of Depomed by 2.3% in the second quarter. Perkins Capital Management Inc. now owns 77,418 shares of the specialty pharmaceutical company’s stock worth $831,000 after buying an additional 1,751 shares during the period. 91.42% of the stock is currently owned by institutional investors.

Shares of Depomed, Inc. (NASDAQ DEPO) opened at 6.32 on Friday. Depomed, Inc. has a 12-month low of $5.95 and a 12-month high of $27.02. The firm’s 50-day moving average is $10.06 and its 200 day moving average is $12.61. The stock’s market capitalization is $398.08 million.

Depomed (NASDAQ:DEPO) last posted its quarterly earnings data on Monday, August 7th. The specialty pharmaceutical company reported ($0.43) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.09 by $0.52. Depomed had a negative net margin of 26.02% and a negative return on equity of 45.03%. The company had revenue of $100 million for the quarter, compared to analysts’ expectations of $100.40 million. During the same period in the previous year, the firm earned $0.27 earnings per share. The firm’s quarterly revenue was down 14.3% on a year-over-year basis. On average, equities research analysts forecast that Depomed, Inc. will post $0.51 EPS for the current fiscal year.

A number of equities analysts recently weighed in on the stock. Piper Jaffray Companies reissued a “neutral” rating and issued a $9.00 price target (down from $10.00) on shares of Depomed in a report on Wednesday. Morgan Stanley downgraded shares of Depomed from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $12.00 to $5.00 in a report on Tuesday. Royal Bank Of Canada cut their price target on shares of Depomed from $13.00 to $10.00 and set a “sector perform” rating on the stock in a report on Tuesday. Janney Montgomery Scott downgraded shares of Depomed from a “buy” rating to a “neutral” rating and cut their price target for the stock from $18.00 to $8.00 in a report on Tuesday. Finally, BidaskClub downgraded shares of Depomed from a “sell” rating to a “strong sell” rating in a report on Saturday, August 5th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. Depomed currently has a consensus rating of “Hold” and a consensus price target of $14.59.

In related news, insider Arthur J. Higgins acquired 15,000 shares of the stock in a transaction dated Monday, June 12th. The shares were purchased at an average cost of $9.92 per share, with a total value of $148,800.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.59% of the stock is owned by insiders.

About Depomed

Depomed, Inc is a specialty pharmaceutical company. The Company focuses on pain and other central nervous system (CNS) conditions. Its products include NUCYNTA ER (tapentadol extended release tablets), NUCYNTA IR (NUCYNTA) (tapentadol), Gralise (gabapentin), CAMBIA (diclofenac potassium for oral solution), Zipsor (diclofenac potassium) and Lazanda (fentanyl).

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