Zacks Investment Research Downgrades Depomed (NYSE:ASRT) to Hold

Zacks Investment Research cut shares of Depomed (NYSE:ASRT) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “Assertio Therapeutics, Inc. is a pharmaceutical company. It develops and markets a product for the treatment in neurology, orphan and diseases of the central nervous system. Assertio Therapeutics, Inc., formerly known as Depomed Inc., is headquartered in Lake Forest, Illinois. “

NYSE:ASRT opened at $1.24 on Tuesday. Depomed has a 1-year low of $1.15 and a 1-year high of $6.07. The business’s 50-day moving average price is $1.34 and its two-hundred day moving average price is $3.01.

Depomed (NYSE:ASRT) last released its earnings results on Wednesday, August 7th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.01). The business had revenue of $57.20 million during the quarter, compared to analysts’ expectations of $58.49 million.

In other Depomed news, Director Arthur J. Higgins purchased 25,000 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were bought at an average price of $1.61 per share, with a total value of $40,250.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel A. Peisert purchased 19,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were acquired at an average cost of $1.57 per share, for a total transaction of $29,830.00. The disclosure for this purchase can be found here. Insiders acquired 112,000 shares of company stock worth $174,320 in the last three months.

A hedge fund recently raised its stake in Depomed stock. Public Employees Retirement System of Ohio lifted its holdings in shares of Depomed, Inc. (NYSE:ASRT) by 57.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 127,059 shares of the company’s stock after purchasing an additional 46,300 shares during the quarter. Public Employees Retirement System of Ohio owned 0.20% of Depomed worth $438,000 at the end of the most recent quarter.

About Depomed

Assertio Therapeutics, 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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