Janney Capital analyst Ken Trbovich said Depomed had news yesterday that was "good, bad, and ugly," including board changes and the appointment of a new CEO, being named in a Senator's probe into opioid industry marketing practices and pre-announcing worse than expected Q1 revenue guidance. On the "good" side, Trbovich believes a new CEO and board better positions the company to realize the long-term value of Nucynta, which he does not think is reflected in the stock's current valuation. The analyst has a Buy rating and $26 fair value estimate on Depomed shares.