Depomed (DEPO): Raising PT 30% But Keeping Neutral Rating - UBS
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UBS analyst, Ami Fadia, reiterated her Neutral rating on shares of DepoMed Inc (NASDAQ: DEPO) but raised her price target to $26.00 from $20.00 after the the District Court of New Jersey upheld the validity of all three of the Nucynta litigated patents. The court also ruled that all of the three generic filers infringe two of the three patents, i.e., the '593 (method of preparation, 8/5/2022 expiry) and '364 (polymorph, expiring 6/27/2025) patents. However, regarding the third patent, '130 expiring 9/22/2028, the judge ruled that Actavis and Roxane did not infringe this patent while Alkem infringed claims 1, 2, 3, and 6.
The next catalyst for the stock is the upcoming shareholder special meeting on November 15.
Shares of DepoMed Inc closed at $24.97 yesterday.
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