Roth Capital analyst Scott Henry trimmed his price target on DepoMed Inc (NASDAQ: DEPO) to $28.50 (from $30.00) following Q1 results but maintained a Buy rating. The firm views today's 18% sell-off as a "over-reaction."

Henry commented, "DEPO reported 1Q15 results that were at the lower end of our expectations. The important 2015 guidance matched our revenue targets, but SG&A spending guidance was above our forecast. This reduced our EPS by ~$0.15 in out years, and motivated a $1.50/share reduction to our price target. We view the current share price decline as an over-reaction, and look for Nucynta prescriptions to turn momentum positive again. Reiterate Buy rating."

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Shares of DepoMed Inc closed at $24.41 yesterday.