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Downgrade Alert for Depomed (DEPO)

By James Quinn

Depomed (NASDAQ:DEPO) was downgraded from Overweight to Neutral at Piper Jaffray today. The stock closed yesterday at $18.70 on volume of 1.2 million shares, below average daily volume of 2.2 million.

Depomed (NASDAQ:DEPO) has potential upside of 56.0% based on a current price of $18.70 and analysts' consensus price target of $29.17. The stock should hit resistance at its 200-day moving average (MA) of $19.87, as well as support at its 50-day MA of $15.49.

Depomed share prices have moved between a 52-week high of $33.74 and a 52-week low of $12.25 and closed yesterday at 53% above that low price at $18.70 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.6% while the 50-day MA has declined 0.2%.

DepoMed, Inc. develops new and proprietary oral drug delivery technologies. The Company has developed a system designed to be retained in the stomach for an extended period of time while it delivers the incorporated drug or drugs. DepoMed has also developed a system designed to reduce gastrointestinal irritation.

SmarTrend is tracking the current trend status for Depomed and will alert subscribers who have DEPO in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades DepoMed

Ticker(s): DEPO