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

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Zacks Investment Research upgraded shares of Depomed (NYSE:ASRT) from a hold rating to a buy rating in a report released on Tuesday morning, Zacks.com reports. They currently have $4.75 price objective 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. “

Depomed stock opened at $4.18 on Tuesday. Depomed has a 52 week low of $3.37 and a 52 week high of $9.48.

Depomed (NYSE:ASRT) last released its quarterly earnings data on Wednesday, March 6th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.20 by $0.10. The business had revenue of $62.80 million during the quarter, compared to analysts’ expectations of $60.94 million. During the same quarter in the prior year, the firm earned $0.15 earnings per share. Depomed’s quarterly revenue was down 33.5% on a year-over-year basis.

In related news, Director William Mckee sold 12,500 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $4.70, for a total value of $58,750.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Daniel A. Peisert acquired 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The stock was acquired at an average price of $4.18 per share, for a total transaction of $25,080.00. The disclosure for this purchase can be found here. Insiders purchased a total of 21,000 shares of company stock worth $87,430 over the last quarter.

An institutional investor recently raised its position in Depomed stock. Public Employees Retirement System of Ohio boosted its position in Depomed, Inc. (NYSE:ASRT) by 62.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 55,709 shares of the company’s stock after purchasing an additional 21,412 shares during the quarter. Public Employees Retirement System of Ohio owned about 0.09% of Depomed worth $201,000 as of its most recent filing with the Securities and Exchange Commission.

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.

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