UPDATE: Zacks Upgrades DepoMed from Neutral to Outperform

Zacks Small Cap Research has published a report on Depomed

upgrading the company's stock from Neutral to Outperform. In the report, Zacks wrote, "However, Depomed, with its solid cash position ($164 million as of June 2011), two approved drugs in Glumetza and Gralise, and our confidence in phase 3 Serada, presents both a compelling growth story and attractive valuation. These are defining times for Depomed with the launch of Gralise planned for October 2011 and data from BREEZE-3 shortly thereafter. We see fundamentals as solid, with the potential for meaningful upside based on Serada and Gralise in 2012." Zacks upgraded Depomed from Neutral to Outperform with a price target of $10.00. Depomed closed Tuesday at $5.24.