Depomed (ASRT) Shares Down 7%

Shares of Depomed, Inc. (NYSE:ASRT) were down 7% during trading on Friday . The company traded as low as $2.91 and last traded at $2.93. Approximately 630,731 shares traded hands during trading, a decline of 24% from the average daily volume of 831,884 shares. The stock had previously closed at $3.15.

A number of analysts have commented on ASRT shares. Zacks Investment Research lowered shares of Depomed from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Mizuho decreased their price target on shares of Depomed from $6.00 to $3.00 and set a “neutral” rating for the company in a research note on Thursday, May 16th.

Depomed (NYSE:ASRT) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.22) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.05. The business had revenue of $57.93 million for the quarter, compared to the consensus estimate of $55.51 million.

In other news, Director William Mckee sold 12,500 shares of the company’s stock in a transaction on 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 Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arthur J. Higgins bought 10,000 shares of Depomed stock in a transaction dated Thursday, March 14th. The stock was purchased at an average price of $4.17 per share, with a total value of $41,700.00. The disclosure for this purchase can be found here. In the last quarter, insiders bought 21,000 shares of company stock valued at $87,430.

A hedge fund recently raised its stake in Depomed stock. BNP Paribas Arbitrage SA lifted its position in Depomed, Inc. (NYSE:ASRT) by 11,153.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,379 shares of the company’s stock after acquiring an additional 12,269 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in Depomed were worth $63,000 at the end of the most recent reporting period.

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About Depomed (NYSE:ASRT)

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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