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Fly News Breaks for March 29, 2017
DEPO
Mar 29, 2017 | 07:38 EDT
Leerink analyst Jason Gerberry lowered her price target for Depomed to $16 from $20 after "clearly mixed" announcements regarding leadership changes and Q1 pre-announcement. While the new CEO hire and board changes clearly align with shareholder activist interests and suggest the company will be more aggressively shopped for sale, the pre-announced Q1 miss suggests further portfolio weakness and lower takeout valuation, he notes. The analyst reiterates an Outperform rating on the shares.
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