With Horizon Out Of The Way, Depomed Is A Bargain
ONeil Trader • 63 Comments
ONeil Trader • 63 Comments
Depomed: Looking Good With Or Without Horizon
Less Pain In Depomed's Future
Andrew Walker, CFA • 10 Comments
Andrew Walker, CFA • 10 Comments
Wed, Aug. 3, 4:18 PM
Tue, Aug. 2, 5:35 PM
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Thu, Jul. 28, 12:29 PM
- Hologic (NASDAQ:HOLX) upgraded to Buy from Hold by Evercore ISI. Price target raised to $42 (11% upside) from $38.
- Edwards Lifesciences (NYSE:EW) upgraded to Buy from Neutral by Bank of America.
- UnitedHealth Group (NYSE:UNH) upgraded to Buy from Hold with a $170 (20% upside) price target by Argus Research.
- NeoGenomics (NASDAQ:NEO) downgraded to Hold from Buy by BTIG Research.
- Depomed (NASDAQ:DEPO) downgraded to Neutral from Overweight by Piper Jaffray. Price target lowered to $18 (6% downside risk) from $21.
- HealthStream (NASDAQ:HSTM) downgraded to Equal Weight from Overweight by First Analysis. Price target lowered to $27 (7% upside) from $30.
- Gilead Sciences (NASDAQ:GILD) downgraded to Hold from Buy by Needham.
- Athenahealth (NASDAQ:ATHN) downgraded to Hold from Buy by Deutsche Bank. Price target lowered to $147 (13% upside) from $165.
Fri, Jul. 8, 12:25 PM
- Anthera Pharmaceuticals (NASDAQ:ANTH) initiated with Buy rating and $10 (180% upside) price target by H.C. Wainwright.
- Ultragenyx Pharmaceutical (NASDAQ:RARE) initiated with Overweight rating and $70 (31% upside) price target by Piper Jaffray.
- Eiger Biopharmaceuticals (NASDAQ:EIGR) initiated with Outperform rating and $34 (85% upside) price target by Oppenheimer.
- Intercept Pharmaceuticals (NASDAQ:ICPT) initiated with Sell rating and $58 (61% downside risk) price target by Cantor Fitzgerald.
- Juno Therapeutics (NASDAQ:JUNO) initiated with Equal Weight rating and $48 (73% upside) price target by Barclays.
- Kite Pharma (NASDAQ:KITE) initiated with Equal Weight rating and $58 (21% upside) price target by Barclays.
- Endologix (NASDAQ:ELGX) upgraded to Outperform from Market Perform by BMO Capital. Price target raised to $16 (14% upside) from $11.50.
- Achillion Pharmaceuticals (NASDAQ:ACHN) upgraded to Outperform from Market Perform with a $13 (42% upside) price target by JMP Securities.
- Humana (NYSE:HUM) downgraded to Neutral from Overweight by JPMorgan. Price target lowered to $150 (8% downside risk) from $196.
- Ilumina (NASDAQ:ILMN) downgraded to Underweight from Equal Weight by Morgan Stanley. Price target lowered to $110 (22% downside risk) from $130.
- T2 Biosystems (NASDAQ:TTOO) downgraded to Sell from Buy by BTIG Research. Price target lowered to $4 (26% downside risk) from $12.
- Juno Therapeutics (JUNO) downgraded to Neutral from Overweight by JPMorgan. Price target lowered to $39 (40% upside) from $63.
- Depomed (NASDAQ:DEPO) downgraded to Neutral from Buy with $20 (6% upside) price target by UBS.
- Esperion Therapeutics (NASDAQ:ESPR) downgraded to Hold from Buy by WallachBeth.
Thu, Jul. 7, 11:10 AM
Thu, Jun. 23, 4:55 PM
- Depomed's (NASDAQ:DEPO) back-and-forth tussle with activist investor Starboard Value LP may extend almost to Thanksgiving. The company has set a second record date, August 19, to determine the shareholders entitled to call a special meeting to vote on replacing the board. If Starboard elects to proceed, it will have 30 days following August 19 to submit its request to hold the meeting signed by the holders of at least 10% of Depomed's shares. The date of the meeting will be set by Starboard 35-60 days after it submits its formal meeting request, sometime between September 24 and November 17.
- The company proposes to hold the meeting on October 28, after the NUCYNTA patent infringement litigation is resolved (no later than September 30) so shareholders can make an informed decision.
- The first shareholder record date was April 26 but Starboard took no action.
- Previously: Depomed and Horizon Pharma end legal spat (April 25)
Fri, May 13, 5:38 PM
Fri, May 13, 11:35 AM
- Prothena (PRTA +7.6%) initiated with Overweight rating and $60 (44% upside) price target by Barclays.
- Pfizer (PFE +0.5%) initiated with Hold rating and $38 (12% upside) price target by Berenberg.
- Amarin (AMRN +1.9%) initiated with Buy rating and $3.50 (111% upside) price target by Jefferies.
- Align Technology (ALGN +0.9%) initiated with Outperform rating and $84 (10% upside) price target by Credit Suisse.
- Presbia (LENS +2.9%) initiated with Buy rating and $14 (254% upside) price target by Rodman & Renshaw.
- LabStyle Innovations (OTCQB:DRIO +5.4%) initiated with Buy rating and $12 (121% upside) price target by Rodman & Renshaw.
- Juno Therapeutics (JUNO +1.5%) initiated with an Outperform rating and $55 (48% upside) price target by Cowen & Co.
- WebMD Health (WBMD +0.4%) upgraded to Buy from Neutral by SunTrust Robinson Humphrey. Price target increased to $75 (18% upside) from $57.
- Sanofi (SNY +0.3%) upgraded to Overweight from Equal Weight by Barclays. Price target maintained at €84 (20% upside).
- Depomed (DEPO +4.1%) upgraded to Buy from Neutral by Mizuho Securities. Price target raised to $19 (4% upside) from $18.
Mon, May 9, 12:50 PM
Thu, May 5, 4:49 PM
Wed, May 4, 5:35 PM
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Wed, May 4, 2:39 PM
- Depomed's (DEPO -2.7%) lack of scale is leading to poor capital allocation decisions, says Starboard Value's Jeffrey Smith, calling for the entire board to be replaced. Given its "uncompetitive tax rate," Smith is troubled by the company's high leverage and pursuit of other acquisitions.
- Replacing board's isn't how Starboard likes to roll, he says, but directors are usually more cooperative than Depomed's (or Darden's).
- Live blog
Mon, Apr. 25, 12:07 PM
- In a regulatory filing, Depomed (DEPO -0.3%) reports that, by mutual agreement, it has ended its legal fight with Horizon Pharma (HZNP -3%) stemming from the latter's unsolicited hostile offer and its alleged misuse of confidential information related to NUCYNTA (tapentadol). Both firms agreed to settle their respective claims against each other.
- Horizon also agreed to maintain the confidentiality of applicable information related to NUCYNTA that it received from Janssen Pharmaceuticals and not use said information. It also committed to not initiate another hostile bid for Depomed through January 1, 2020.
Mon, Apr. 25, 7:02 AM
- Depomed (NASDAQ:DEPO) establishes the close of business on April 26 at the Request Record Date to determine shareholders entitled to request the Special Meeting of Shareholders proposed by activist investor Starboard Value LP.
- Starboard now has 30 days to submit a request to hold the Special Meeting signed by holders of at least 10% of the company's shares as of the Request Record Date. The date of the Special Meeting will be set by Starboard and could occur within 35-60 days after it submits the meeting request.
- Starboard, owner of a 9.8% stake in the firm, has criticized the company over its corporate governance and entrenched management. It seeks to replace the board in order to bring about "meaningful change."
- Previously: Depomed pops after Starboard reports new 9.8% stake; seeks to replace board (April 7)
- Read now Starboard's Activist Campaign Puts Depomed In Play
Fri, Apr. 15, 7:33 AM
- Depomed (NASDAQ:DEPO) decides not to pursue reincorporation in Delaware from California as proposed in its preliminary proxy statement for its May 18 Annual Meeting of Stockholders. Management determined that the action is not in the best interests of the company and shareholders because it would trigger an expensive and distracting proxy fight.
- Almost half of U.S. firms are incorporated in Delaware because of its company-friendly laws and attractive state tax rate.
Fri, Apr. 8, 5:40 PM
Depomed, Inc. manufactures and distributes pharmaceutical products. It is a pharmaceutical company, which focuses on the pain and other central nervous system conditions. The company product brands include Gralise, Zipsor, Lazanda, CAMBIA, NUCYNTA ER and NUCYNTA. It has developed and licensed a... More
Industry: Drug Manufacturers - Other
Country: United States