Depomed (DEPO) : The traders have covered their outstanding shorts in Depomed (DEPO) to the tune of -1,640,757 shares, a change of -12.4%. As on Jul 29, 2016, the outstanding shorts on the stock were 13,258,804 shares, however, by August 15, 2016, the shorts had reduced to 11,618,047 shares. The covering shows that the traders dont believe that a large downside exists in the stock from current levels. The open short positions equal 19.3% of the free float of the stock. It takes 9 days to cover the outstanding short positions. The stock has an average daily volume of 1,307,096 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Depomed (NASDAQ:DEPO): The stock opened at $21.31 on Wednesday but the bulls could not build on the opening and the stock topped out at $22.17 for the day. The stock traded down to $20.69 during the day, due to lack of any buying support eventually closed down at $20.69 with a loss of -2.54% for the day. The stock had closed at $21.23 on the previous day. The total traded volume was 1,607,919 shares.
In a related news, The Securities and Exchange Commission has divulged that Moretti August J, officer (Chief Financial Officer & SVP) of Depomed Inc, had unloaded 5,000 shares at an average price of $21.4 in a transaction dated on August 10, 2016. The total value of the transaction was worth $107,000.
Depomed, Inc. is a specialty pharmaceutical company focused on pain and other central nervous system (CNS) conditions. The Companys 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 Companys product DM-1992 has completed a Phase II trial for Parkinsons disease.