Assertio (NASDAQ:ASRT) Posts Earnings Results, Misses Estimates By $0.83 EPS
by Doug Wharley · The Cerbat GemAssertio (NASDAQ:ASRT – Get Free Report) posted its quarterly earnings data on Friday. The company reported ($2.93) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.10) by ($0.83), FiscalAI reports. The company had revenue of $9.93 million for the quarter, compared to analysts’ expectations of $8.97 million. Assertio had a negative return on equity of 30.26% and a negative net margin of 25.59%.
Assertio Stock Up 0.6%
ASRT stock traded up $0.13 during midday trading on Friday, hitting $22.50. The company’s stock had a trading volume of 81,858 shares, compared to its average volume of 431,348. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.51 and a current ratio of 1.70. Assertio has a 52-week low of $8.61 and a 52-week high of $22.55. The firm has a 50-day simple moving average of $16.27 and a 200-day simple moving average of $13.06.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on ASRT shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Assertio in a research report on Monday, April 20th. Wall Street Zen cut shares of Assertio from a “buy” rating to a “hold” rating in a research report on Saturday, March 21st. Zacks Research cut shares of Assertio from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 6th. HC Wainwright reaffirmed a “neutral” rating and set a $21.80 price objective (up from $18.00) on shares of Assertio in a research report on Tuesday. Finally, Lake Street Capital cut shares of Assertio from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $45.00 to $18.00 in a research report on Thursday, April 9th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $19.90.
Check Out Our Latest Research Report on Assertio
Hedge Funds Weigh In On Assertio
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Opaleye Management Inc. purchased a new position in Assertio in the 4th quarter valued at approximately $2,585,000. Rothschild Wealth LLC purchased a new position in Assertio in the 4th quarter valued at approximately $172,000. Edgewood Management LLC purchased a new position in Assertio in the 4th quarter valued at approximately $975,000. Perritt Capital Management Inc boosted its position in Assertio by 51.6% in the 3rd quarter. Perritt Capital Management Inc now owns 350,316 shares of the company’s stock valued at $309,000 after buying an additional 119,281 shares during the period. Finally, Virtu Financial LLC purchased a new stake in shares of Assertio during the 3rd quarter worth $26,000. Hedge funds and other institutional investors own 48.96% of the company’s stock.
About Assertio
Assertio Therapeutics, Inc, formerly known as Depomed, is a specialty pharmaceutical company focused on the development and commercialization of therapies for central nervous system (CNS) disorders, including neuropathic pain, migraine and breakthrough cancer pain. The company’s commercial portfolio includes three FDA-approved products—Qutenza (8% capsaicin) for postherpetic neuralgia, Butrans (buprenorphine) transdermal system for chronic pain and Onsolis (fentanyl buccal soluble film) for breakthrough cancer pain—which are marketed primarily in the United States under licensing agreements with global partners.
In addition to its marketed therapies, Assertio maintains a pipeline of preclinical and clinical-stage candidates targeting a range of pain and neurological conditions.