Depomed Inc (DEPO) Expected to Announce Quarterly Sales of $65.23 Million

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Wall Street analysts expect that Depomed Inc (NASDAQ:DEPO) will announce $65.23 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Depomed’s earnings, with the lowest sales estimate coming in at $62.72 million and the highest estimate coming in at $67.00 million. Depomed posted sales of $95.41 million during the same quarter last year, which suggests a negative year-over-year growth rate of 31.6%. The company is scheduled to report its next quarterly earnings results on Tuesday, November 6th.

According to Zacks, analysts expect that Depomed will report full-year sales of $280.48 million for the current financial year, with estimates ranging from $260.04 million to $319.10 million. For the next year, analysts forecast that the business will report sales of $262.72 million per share, with estimates ranging from $252.70 million to $276.15 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Depomed.

Depomed (NASDAQ:DEPO) last issued its earnings results on Wednesday, August 8th. The specialty pharmaceutical company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. The firm had revenue of $63.27 million during the quarter, compared to the consensus estimate of $63.72 million. Depomed had a negative net margin of 9.52% and a negative return on equity of 13.22%. The company’s revenue was down 37.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.08 earnings per share.

A number of brokerages recently commented on DEPO. ValuEngine upgraded shares of Depomed from a “sell” rating to a “hold” rating in a research note on Wednesday. Royal Bank of Canada set a $8.00 target price on shares of Depomed and gave the stock a “hold” rating in a research note on Wednesday. BidaskClub downgraded shares of Depomed from a “hold” rating to a “sell” rating in a research note on Friday, May 4th. Finally, Janney Montgomery Scott upgraded shares of Depomed from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $7.00 to $10.00 in a research note on Monday, July 9th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $8.67.

A number of institutional investors and hedge funds have recently made changes to their positions in DEPO. Alliancebernstein L.P. lifted its position in Depomed by 10.6% in the fourth quarter. Alliancebernstein L.P. now owns 79,006 shares of the specialty pharmaceutical company’s stock valued at $636,000 after acquiring an additional 7,560 shares during the last quarter. Teachers Advisors LLC lifted its position in Depomed by 54.9% in the fourth quarter. Teachers Advisors LLC now owns 264,159 shares of the specialty pharmaceutical company’s stock valued at $2,126,000 after acquiring an additional 93,659 shares during the last quarter. TIAA CREF Investment Management LLC lifted its position in Depomed by 41.6% in the fourth quarter. TIAA CREF Investment Management LLC now owns 542,247 shares of the specialty pharmaceutical company’s stock valued at $4,365,000 after acquiring an additional 159,225 shares during the last quarter. Jane Street Group LLC purchased a new stake in Depomed in the fourth quarter valued at $127,000. Finally, MetLife Investment Advisors LLC purchased a new stake in Depomed in the fourth quarter valued at $253,000. 97.73% of the stock is owned by hedge funds and other institutional investors.

Shares of Depomed traded down $0.34, reaching $7.22, on Tuesday, MarketBeat reports. 1,700,822 shares of the stock were exchanged, compared to its average volume of 1,211,823. The company has a current ratio of 0.55, a quick ratio of 0.73 and a debt-to-equity ratio of 2.48. Depomed has a twelve month low of $4.31 and a twelve month high of $9.48.

Depomed Company Profile

Depomed, Inc, a specialty pharmaceutical company, engages in the development, sale, and licensing of products for pain and other central nervous system conditions in the United States. It offers Gralise (gabapentin), an once-daily product for the management of postherpetic neuralgia; CAMBIA (diclofenac potassium for oral solution), a non-steroidal anti-inflammatory drug indicated for acute treatment of migraine attacks in adults; and Zipsor (diclofenac potassium) liquid filled capsule, a non-steroidal anti-inflammatory drug for the treatment of mild to moderate acute pain in adults.

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