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Depomed, Inc. (DEPO)

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We have been bullish on Depomed (DEPO) in the past, and we remain enthusiastic about the development pipeline.

PHN candidate DM-1796 is currently under review at the U.S. FDA. Acceptance of the filing triggers a $10 million milestone payment from partner Abbott Labs to Depomed. In the meantime, Depomed is looking to begin a confirmatory phase III program with Serada any day now.

Over the long-run, we think it would be wise to average down or establish a position at this level. Our target is $7 based on discounted future EPS.

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