Assertio Holdings, Inc. (NASDAQ:ASRT) Short Interest Up 24.8% in March

Assertio Holdings, Inc. (NASDAQ:ASRT) saw a large increase in short interest during the month of March. As of March 31st, there was short interest totaling 301,837 shares, an increase of 24.8% from the March 15th total of 241,932 shares. Currently, 4.9% of the company’s shares are sold short. Based on an average daily volume of 217,451 shares, the days-to-cover ratio is currently 1.4 days.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ASRT shares. HC Wainwright reiterated a “neutral” rating and issued a $18.00 price target (down from $35.00) on shares of Assertio in a report on Thursday, April 9th. Maxim Group lowered shares of Assertio from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 9th. Wall Street Zen lowered shares of Assertio from a “buy” rating to a “hold” rating in a report on Saturday, March 21st. Lake Street Capital lowered shares of Assertio from a “buy” rating to a “hold” rating and decreased their price target for the company from $45.00 to $18.00 in a report on Thursday, April 9th. Finally, Zacks Research lowered shares of Assertio from a “strong-buy” rating to a “hold” rating in a report on Friday, March 6th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Assertio has a consensus rating of “Hold” and a consensus target price of $18.00.

Assertio Stock Performance

NASDAQ:ASRT opened at $18.01 on Friday. The company has a current ratio of 1.70, a quick ratio of 1.51 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $116.16 million, a price-to-earnings ratio of -3.71 and a beta of 0.43. The firm’s fifty day simple moving average is $14.56 and its 200 day simple moving average is $12.56. Assertio has a twelve month low of $8.55 and a twelve month high of $20.45.

Assertio (NASDAQ:ASRT) last posted its earnings results on Monday, March 16th. The company reported ($1.86) earnings per share for the quarter, beating the consensus estimate of ($3.05) by $1.19. The business had revenue of $13.54 million for the quarter, compared to analyst estimates of $6.20 million. Assertio had a negative net margin of 25.59% and a negative return on equity of 30.26%. As a group, equities research analysts expect that Assertio will post -0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Assertio

A number of institutional investors have recently added to or reduced their stakes in ASRT. Virtu Financial LLC acquired a new position in Assertio in the 3rd quarter worth $26,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Assertio in the 4th quarter worth $41,000. Rothschild Wealth LLC acquired a new position in Assertio in the 4th quarter worth $172,000. Perritt Capital Management Inc lifted its holdings in Assertio by 51.6% in the 3rd quarter. Perritt Capital Management Inc now owns 350,316 shares of the company’s stock worth $309,000 after buying an additional 119,281 shares in the last quarter. Finally, GSA Capital Partners LLP lifted its holdings in Assertio by 536.0% in the 3rd quarter. GSA Capital Partners LLP now owns 381,584 shares of the company’s stock worth $336,000 after buying an additional 321,584 shares in the last quarter. Institutional investors and hedge funds 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.