Senvest Management Lowers stake in Depomed Inc (DEPO)

Depomed Inc (DEPO) : Senvest Management reduced its stake in Depomed Inc by 15.78% during the most recent quarter end. The investment management company now holds a total of 4,191,893 shares of Depomed Inc which is valued at $90,041,862 after selling 785,363 shares in Depomed Inc , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.Depomed Inc makes up approximately 6.86% of Senvest Management’s portfolio.

Other Hedge Funds, Including , Clinton Group Inc added DEPO to its portfolio by purchasing 16,366 company shares during the most recent quarter which is valued at $351,542. Depomed Inc makes up approx 0.01% of Clinton Group Inc’s portfolio.Fmr reduced its stake in DEPO by selling 754,263 shares or 55.94% in the most recent quarter. The Hedge Fund company now holds 594,103 shares of DEPO which is valued at $12,761,332.Glenmede Trust Co Na boosted its stake in DEPO in the latest quarter, The investment management firm added 104,637 additional shares and now holds a total of 2,040,470 shares of Depomed Inc which is valued at $43,196,750. Depomed Inc makes up approx 0.25% of Glenmede Trust Co Na’s portfolio.Alps Advisors Inc boosted its stake in DEPO in the latest quarter, The investment management firm added 17,337 additional shares and now holds a total of 85,830 shares of Depomed Inc which is valued at $1,605,021. Depomed Inc makes up approx 0.01% of Alps Advisors Inc’s portfolio.

Depomed Inc closed down -0.19 points or -0.96% at $19.51 with 5,73,586 shares getting traded on Monday. Post opening the session at $19.81, the shares hit an intraday low of $19.37 and an intraday high of $20.09 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Depomed Inc reported $0.27 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Aug 3, 2016. Analyst had a consensus of $0.26. The company had revenue of $116.70 million for the quarter, compared to analysts expectations of $118.48 million. The company’s revenue was up 23.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 EPS.

Many Wall Street Analysts have commented on Depomed Inc. Depomed Inc was Downgraded by Piper Jaffray to ” Neutral” on Jul 27, 2016. UBS Downgraded Depomed Inc on Jul 7, 2016 to ” Neutral”, Price Target of the shares are set at $20.Company shares were Reiterated by Mizuho on May 27, 2016 to “Buy”, Firm has raised the Price Target to $ 23 from a previous price target of $19 .

Depomed Inc. is a specialty pharmaceutical company focused on pain and other central nervous system (CNS) conditions. The Company’s products include Gralise (gabapentin) CAMBIA (diclofenac potassium for oral solution) Zipsor (diclofenac potassium) and Lazanda (fentanyl). Gralise is a once-daily product for the management of postherpetic neuralgia (PHN). CAMBIA is a non-steroidal anti-inflammatory drug (NSAID) for the acute treatment of migraine attacks. Zipsor a liquid filled capsule is a NSAID for the treatment of mild to moderate acute pain. Lazanda nasal spray is used for the management of break through pain in cancer patients 18 years of age and older who are already receiving and who are tolerant to opioid therapy for their underlying persistent cancer pain. It also has a portfolio of license agreements based on its Acuform gastroretentive drug delivery technology. The Company’s product DM-1992 has completed a Phase II trial for Parkinson’s disease.

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