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Upgrade Alert for Depomed (DEPO)

By Amy Schwartz

Depomed (NASDAQ:DEPO) was upgraded from Neutral to Buy at Mizuho today. The stock closed yesterday at $17.85 on volume of 4.4 million shares, above average daily volume of 2.2 million.

There is potential upside of 63.4% for shares of Depomed based on a current price of $17.85 and an average consensus analyst price target of $29.17. Depomed shares should encounter resistance at the 200-day moving average (MA) of $19.87 and support at the 50-day MA of $15.49.

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.

In the past 52 weeks, shares of Depomed have traded between a low of $12.25 and a high of $33.74 and closed yesterday at $17.85, which is 46% above that low price. 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%.

SmarTrend is monitoring the recent change of momentum in Depomed. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Depomed in search of a potential trend change.

Keywords: analyst upgrades/downgrades DepoMed

Ticker(s): DEPO