Depomed (NYSE:ASRT) Trading Down 16.9%

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Depomed, Inc. (NYSE:ASRT)’s stock price fell 16.9% during mid-day trading on Tuesday . The company traded as low as $1.27 and last traded at $1.33, 6,257,434 shares were traded during trading. An increase of 545% from the average session volume of 969,680 shares. The stock had previously closed at $1.60.

A number of brokerages recently issued reports on ASRT. Mizuho reduced their price target on Depomed from $6.00 to $3.00 and set a “neutral” rating on the stock in a research report on Thursday, May 16th. Zacks Investment Research upgraded Depomed from a “hold” rating to a “buy” rating and set a $1.75 price target for the company in a research note on Tuesday, August 13th.

The stock has a fifty day simple moving average of $2.68 and a two-hundred day simple moving average of $3.74.

Depomed (NYSE:ASRT) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.21) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.01). The business had revenue of $57.20 million during the quarter, compared to analysts’ expectations of $58.49 million.

In other news, Director Arthur J. Higgins bought 50,000 shares of Depomed stock in a transaction dated Monday, August 12th. The stock was bought at an average cost of $1.54 per share, for a total transaction of $77,000.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Karen A. Dawes sold 12,500 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $3.18, for a total value of $39,750.00. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 112,000 shares of company stock valued at $174,320.

A hedge fund recently raised its stake in Depomed stock. BNP Paribas Arbitrage SA increased 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 firm owned 12,379 shares of the company’s stock after buying an additional 12,269 shares during the period. BNP Paribas Arbitrage SA’s holdings in Depomed were worth $63,000 at the end of the most recent reporting period.

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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