Depomed (DEPO): September Rx Data Increases Confidence - Janney
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Janney Montgomery Scott analyst, Ken Trbovich, reiterated his Buy rating on shares of DepoMed Inc (NASDAQ: DEPO) after Horizon (NASDAQ: HZNP) and Insys (NASDAQ: INSY) both prereleasesd negative 3Q16 topline guidance. The analyst does not believe the weakness will impact DEPO.
In September, DEPO's Rx performance exceeded his forecast on 4/6 products and on 3/6 products for the quarter as a whole. Those that fell short of expectations were within 1%-3% of the forecast. Therefore, while his is modestly cutting "Street' high estimates, the strength of prescription demand for DEPO's products in September and throughout the quarter, give us him confidence DEPO is on track to meet, or beat, current consensus estimates.
No change to the price target of $31.
Shares of DepoMed Inc closed at $24.35 yesterday.
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