Depomed (DEPO): August Prescription Data Tracking At High End Of Estimates - Janney
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Janney Montgomery Scott analyst, Ken Trbovich, reiterated his Buy rating on shares of DepoMed Inc (NASDAQ: DEPO), as Symphony Reported retail prescriptions for the majority of DEPO's products were stronger in August than anticipated. The analyst believes Q2 is tracking to the high end of guidance or above. Summer months are typically more challenging for controlled substance prescriptions due to physician holidays (i.e. patient must receive a written Rx each month for Schedule 2 drugs), but there were more working days in August 2016 (23) than 2015 (21).
Nucynta prescriptions showed nice growth (IR up 5% and ER up 24%) compared to August 2015.
Gralise, which is DEPO's third largest product, has shown signs of improvement after four months of flat-to-negative month over prior-year month comparisons. Prescriptions in August were 3% higher than last year.
Lazanda, met expectations but management's comments at an investor conference earlier this week suggest the performance was even better.
Another possible catalyst worth restating is that Starboard's deadline for delivering special meeting request (intended by Starboard to replace the current board) is this Friday, (September 16, 2016).
price target of $28.00
Shares of DepoMed Inc closed at $21.38 yesterday.
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