Depomed Receives a Hold from Mizuho Securities

By Austin Angelo

In a report released yesterday, Irina Rivkind Koffler from Mizuho Securities reiterated a Hold rating on Depomed (NASDAQ: DEPO), with a price target of $27. The company’s shares opened today at $19.01.

Rivkind Koffler said:

“We will revisit our stock recommendation and price target after digesting the call and our model. Aside from Nucynta/ER and Gralise, other products beat slightly: Nucynta/ER sales came in at $65.3M relative to consensus $78.5M, Gralise sales came in at $20.6M vs consensus $25.7M, Lazanda sales were $8.2M vs consensus $6.7M, Cambia sales were $9.1M vs consensus $8.9M, and Zipsor sales were $7.1M vs consensus $6.8M.”

According to TipRanks.com, Koffler is a top 100 analyst with an average return of 14.9% and a 44.9% success rate. Koffler covers the Healthcare sector, focusing on stocks such as Apricus Biosciences Inc, Sucampo Pharmaceuticals, and Pacira Pharmaceuticals.

Currently, the analyst consensus on Depomed is Moderate Buy and the average price target is $28, representing a 47.3% upside.

In a report released today, Cantor Fitzgerald also reiterated a Hold rating on the stock with a $23 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 1.66M.

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.