Depomed (DEPO): September Rx Data Increases Confidence - Janney
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Depomed (DEPO) 'Clearly' on Purdue Pharma Radar - Bloomberg
- Credit Suisse Upgrades Juniper Networks (JNPR) to Outperform
- Guggenheim Cuts Price Target on Michaels Cos. (MIK) to $30; Reiterates Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change
Related EntitiesJanney Montgomery Scott
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!