UPDATE: Zacks Upgrades DepoMed from Neutral to Outperform
Zacks Small Cap Research has published a report on Depomed (NASDAQ: DEPO) 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.
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