Company Update (NASDAQ:DEPO): Depomed Inc Announces Favorable Markman Ruling in Nucynta® and Nucynta® ER Patent Litigation
Depomed, Inc. Logo. (PRNewsFoto/Depomed, Inc.)
Depomed Inc (NASDAQ:DEPO) announced a favorable Markman claim construction ruling by Judge Claire Cecchi of the United States District Court for the District of New Jersey has been issued in the ongoing patent infringement case against the three filers of Abbreviated New Drug Applications (ANDA) with Depomed prevailing on all disputed claims. These filers are seeking to market generic versions of Nucynta® (tapentadol) and Nucynta® ER (tapentadol) extended released tablets.
In a Markman ruling, also known as a Claim Construction Ruling, the court determines the meaning of disputed patent terms at issue in patent litigation. Judge Cecchi construed all disputed patent terms as proposed by plaintiffs Depomed and its licensor Grünenthal GmbH. (Original Source)
Shares of Depomed closed last Friday at $16.14. DEPO has a 1-year high of $33.74 and a 1-year low of $13.27. The stock’s 50-day moving average is $16.48 and its 200-day moving average is $21.66.
On the ratings front, Depomed has been the subject of a number of recent research reports. In a report released today, Piper Jaffray analyst David Amsellem initiated coverage with a Buy rating on DEPO and a price target of $23, which implies an upside of 42.5% from current levels. Separately, on February 3, Cantor Fitzgerald’s Chiara Russo reiterated a Buy rating on the stock and has a price target of $29.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, David Amsellem and Chiara Russo have a total average return of -5.0% and -20.1% respectively. Amsellem has a success rate of 36.5% and is ranked #3021 out of 3584 analysts, while Russo has a success rate of 18.2% and is ranked #3447.
The street is mostly Bullish on DEPO stock. Out of 6 analysts who cover the stock, 5 suggest a Buy rating and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $19.00, which implies an upside of 17.7% from current levels.
DepoMed Inc is a specialty pharmaceutical company focused on pain and other conditions and diseases of the central nervous system.