Hussman Strategic Advisors Inc. reduced its stake in shares of Depomed, Inc. (NASDAQ:DEPO) by 50.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 150,000 shares of the specialty pharmaceutical company’s stock after selling 154,200 shares during the period. Hussman Strategic Advisors Inc. owned approximately 0.24% of Depomed worth $1,611,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the stock. Airain ltd acquired a new stake in Depomed during the first quarter valued at approximately $128,000. State of Alaska Department of Revenue raised its stake in Depomed by 79.5% in the second quarter. State of Alaska Department of Revenue now owns 12,298 shares of the specialty pharmaceutical company’s stock valued at $132,000 after buying an additional 5,448 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its stake 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. Two Sigma Securities LLC purchased a new stake in shares of Depomed during the first quarter worth about $180,000. Finally, Mason Street Advisors LLC raised its stake in shares of Depomed by 7.9% in the first quarter. Mason Street Advisors LLC now owns 14,521 shares of the specialty pharmaceutical company’s stock worth $182,000 after buying an additional 1,064 shares during the period. Institutional investors and hedge funds own 92.78% of the company’s stock.
Depomed, Inc. (NASDAQ:DEPO) traded up 4.29% during trading on Friday, reaching $6.57. 847,191 shares of the company’s stock were exchanged. Depomed, Inc. has a 52 week low of $5.88 and a 52 week high of $27.02. The company’s 50 day moving average price is $9.51 and its 200-day moving average price is $12.28. The stock’s market capitalization is $413.83 million.
Depomed (NASDAQ:DEPO) last posted its earnings results on Monday, August 7th. The specialty pharmaceutical company reported ($0.43) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by $0.52. The business had revenue of $100 million during the quarter, compared to the consensus estimate of $100.40 million. Depomed had a negative return on equity of 45.03% and a negative net margin of 26.02%. The business’s revenue was down 14.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.27 earnings per share. On average, equities analysts expect that Depomed, Inc. will post $0.49 EPS for the current year.
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A number of analysts recently issued reports on the stock. Janney Montgomery Scott lowered shares of Depomed from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $18.00 to $8.00 in a research report on Tuesday, August 8th. Royal Bank Of Canada decreased their target price on shares of Depomed from $13.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 8th. BidaskClub lowered shares of Depomed from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 5th. Morgan Stanley lowered shares of Depomed from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $12.00 to $5.00 in a research report on Tuesday, August 8th. Finally, Piper Jaffray Companies restated a “neutral” rating and set a $9.00 target price (down previously from $10.00) on shares of Depomed in a research report on Wednesday, August 9th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. Depomed presently has an average rating of “Hold” and a consensus price target of $14.59.
In other Depomed news, insider Arthur J. Higgins bought 15,000 shares of the firm’s stock in a transaction on Monday, June 12th. The stock was bought at an average cost of $9.92 per share, with a total value of $148,800.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.59% of the company’s stock.
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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