Penn Capital Management Co Inc buys $28.1 Million stake in Depomed Inc (DEPO)

Depomed Inc (DEPO) : Penn Capital Management Co Inc scooped up 466,707 additional shares in Depomed Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 1,571,980 shares of Depomed Inc which is valued at $28.1 Million.Depomed Inc makes up approximately 1.61% of Penn Capital Management Co Inc’s portfolio.

Other Hedge Funds, Including , Spark Investment Management boosted its stake in DEPO in the latest quarter, The investment management firm added 86,200 additional shares and now holds a total of 116,700 shares of Depomed Inc which is valued at $2.1 Million. Depomed Inc makes up approx 0.21% of Spark Investment Management’s portfolio.Blackrock Institutional Trust Company N.a. boosted its stake in DEPO in the latest quarter, The investment management firm added 13,433 additional shares and now holds a total of 1,430,571 shares of Depomed Inc which is valued at $25.6 Million.Blackrock Investment Management reduced its stake in DEPO by selling 1,724 shares or 0.77% in the most recent quarter. The Hedge Fund company now holds 222,335 shares of DEPO which is valued at $4 Million. Depomed Inc makes up approx 0.01% of Blackrock Investment Management’s portfolio. American Century Companies Inc added DEPO to its portfolio by purchasing 65,827 company shares during the most recent quarter which is valued at $1 Million.

Depomed Inc opened for trading at $19.11 and hit $19.94 on the upside on Friday, eventually ending the session at $19.92, with a gain of 4.29% or 0.82 points. The heightened volatility saw the trading volume jump to 15,77,138 shares. Company has a market cap of $1,217,072 M.

On the company’s financial health, Depomed Inc reported $0.12 EPS for the quarter, missing the analyst consensus estimate by $ -0.06 based on the information available during the earnings call on May 5, 2016. Analyst had a consensus of $0.18. The company had revenue of $104.60 million for the quarter, compared to analysts expectations of $106.88 million. The company’s revenue was up 230.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.13 EPS.

Many Wall Street Analysts have commented on Depomed Inc. Mizuho Upgraded Depomed Inc on May 9, 2016 to ” Buy”, Price Target of the shares are set at $19.Company shares were Reiterated by Mizuho on Apr 11, 2016 to “Neutral”, Firm has raised the Price Target to $ 18 from a previous price target of $14 .Depomed Inc was Initiated by Northland Capital to “Outperform” on Mar 24, 2016.

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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