Twin Securities buys $3,167,205 stake in Depomed Inc (DEPO)

Depomed Inc (DEPO) : Twin Securities scooped up 42,449 additional shares in Depomed Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 147,449 shares of Depomed Inc which is valued at $3,167,205.Depomed Inc makes up approximately 0.47% of Twin Securities’s portfolio.

Other Hedge Funds, Including , Strategic Investment Management sold out all of its stake in DEPO during the most recent quarter. The investment firm sold 14,951 shares of DEPO which is valued $321,147.Group One Trading reduced its stake in DEPO by selling 3,088 shares or 9.33% in the most recent quarter. The Hedge Fund company now holds 30,003 shares of DEPO which is valued at $644,464. Depomed Inc makes up approx 0.06% of Group One Trading’s portfolio.Blackrock Institutional Trust Company N.a. boosted its stake in DEPO in the latest quarter, The investment management firm added 60,305 additional shares and now holds a total of 1,490,876 shares of Depomed Inc which is valued at $32,024,016. Rail-splitter Capital Management sold out all of its stake in DEPO during the most recent quarter. The investment firm sold 29,422 shares of DEPO which is valued $574,906. Simplex Trading sold out all of its stake in DEPO during the most recent quarter. The investment firm sold 10,963 shares of DEPO which is valued $211,696.

Depomed Inc opened for trading at $20.29 and hit $20.62 on the upside on Thursday, eventually ending the session at $20.6, with a gain of 1.53% or 0.31 points. The heightened volatility saw the trading volume jump to 5,69,736 shares. Company has a market cap of $1,264 M.

On the company’s financial health, Depomed Inc reported $0.27 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Aug 3, 2016. Analyst had a consensus of $0.26. The company had revenue of $116.70 million for the quarter, compared to analysts expectations of $118.48 million. The company’s revenue was up 23.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 EPS.

Many Wall Street Analysts have commented on Depomed Inc. Depomed Inc was Downgraded by Piper Jaffray to ” Neutral” on Jul 27, 2016. UBS Downgraded Depomed Inc on Jul 7, 2016 to ” Neutral”, Price Target of the shares are set at $20.Company shares were Reiterated by Mizuho on May 27, 2016 to “Buy”, Firm has raised the Price Target to $ 23 from a previous price target of $19 .

Depomed Inc. is a specialty pharmaceutical company focused on pain and other central nervous system (CNS) conditions. The Company’s 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 Company’s product DM-1992 has completed a Phase II trial for Parkinson’s disease.

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