Cantor Fitzgerald Downgrades Depomed to Hold

By Carrie Williams

Cantor Fitzgerald analyst Chiara Russo downgraded Depomed (NASDAQ: DEPO) to Hold today. The company’s shares closed yesterday at $22.89.

According to TipRanks.com, Russo is a 1-star analyst with an average return of -3.0% and a 42.9% success rate. Russo covers the Healthcare sector, focusing on stocks such as Axsome Therapeutics Inc, Paratek Pharmaceuticals, and Flexion Therapeutics.

Currently, the analyst consensus on Depomed is Moderate Buy and the average price target is $28, representing a 22.3% upside.

In a report issued on October 27, Mizuho Securities also reiterated a Hold rating on the stock with a $27 price target.

The company has a one year high of $27.02 and a one year low of $12.25. Currently, Depomed has an average volume of 1.51M.

Based on the recent corporate insider activity of 43 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of DEPO in relation to earlier this year. Most recently, in March 2016, Rao Srinivas, the SVP and Chief Medical Officer of DEPO bought 2,535 shares for a total of $29,989.

Depomed, Inc. is a pharmaceutical company, which manufactures and distributes pharmaceutical products to treat pain and other central nervous system conditions. Its brands include Gralise, Zipsor, Lazanda, Cambia, NUCYNTA ER and NUCYNTA. The company was founded by John W. Shell on August 7, 1995 and is headquartered in Newark, CA.