Depomed (DEPO): Monthly Nucynta Data Better Than Expected - Janney

Janney Montgomery Scott analyst, Ken Trbovich, reiterated his Buy rating on DepoMed Inc (NASDAQ: DEPO) after Monthly June Prescription trends for Nucynta (both IR and ER) looked better than the anticipated based upon his analysis of weekly data last week. Weekly data suggested Nucynta IR had begun to grow (1%), but the monthly data confirms it with slightly higher growth (2%).

Nucynta ER crossed over the 29,000 monthly Rx threshold for the first time in June, posting 26% growth over June of last year. Cambia and, to a lesser extent, Gralise are showing some signs of sequential improvement from what was a weak start to the new year for these products. As we detail below, total prescriptions were in line with expectations giving the analyst confidence that DEPO should hit consensus this quarter.

No change to price target of $28.00

For an analyst ratings summary and ratings history on DepoMed Inc click here. For more ratings news on DepoMed Inc click here.

Shares of DepoMed Inc closed at $19.03 yesterday.

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