Penn Capital Management Co Inc Lowers stake in Depomed Inc (DEPO)

Depomed Inc (DEPO) : Penn Capital Management Co Inc reduced its stake in Depomed Inc by 8.1% during the most recent quarter end. The investment management company now holds a total of 1,444,702 shares of Depomed Inc which is valued at $31,032,199 after selling 127,278 shares in Depomed Inc , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.Depomed Inc makes up approximately 1.71% of Penn Capital Management Co Inc’s portfolio.

Other Hedge Funds, Including , Paradigm Asset Management Co boosted its stake in DEPO in the latest quarter, The investment management firm added 1,345 additional shares and now holds a total of 14,850 shares of Depomed Inc which is valued at $318,978. Depomed Inc makes up approx 0.05% of Paradigm Asset Management Co’s portfolio.Bessemer Group Inc reduced its stake in DEPO by selling 5 shares or 1.5% in the most recent quarter. The Hedge Fund company now holds 329 shares of DEPO which is valued at $7,067.Raymond James Associates boosted its stake in DEPO in the latest quarter, The investment management firm added 559 additional shares and now holds a total of 20,961 shares of Depomed Inc which is valued at $450,242.Cambridge Investment Research Advisors reduced its stake in DEPO by selling 3,156 shares or 21.24% in the most recent quarter. The Hedge Fund company now holds 11,700 shares of DEPO which is valued at $247,689. Depomed Inc makes up approx 0.01% of Cambridge Investment Research Advisors’s portfolio. Integrated Wealth Management sold out all of its stake in DEPO during the most recent quarter. The investment firm sold 30 shares of DEPO which is valued $586.

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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