Assertio Holdings, Inc. $ASRT Shares Sold by CM Management LLC

Key Points

• CM Management LLC cut its position in Assertio by 93.1%, selling 674,382 shares in Q4 and now holds 50,000 shares (about 0.78% of the company, worth $454,000).
• Assertio reported Q4 EPS of ($1.86) and revenue of $13.54M, both beating estimates, but the company remains unprofitable with a negative net margin (25.59%) and negative ROE (30.26%).
• Analysts have largely downgraded the stock to a Hold consensus with a $18.00 target; the company has a market cap of roughly $119 million and ~49% institutional ownership.

CM Management LLC lowered its position in Assertio Holdings, Inc. (NASDAQ:ASRT - Free Report) by 93.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,000 shares of the company's stock after selling 674,382 shares during the period. CM Management LLC owned approximately 0.78% of Assertio worth $454,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Assertio in the fourth quarter valued at about $41,000. Perritt Capital Management Inc lifted its holdings in shares of Assertio by 51.6% in the third quarter. Perritt Capital Management Inc now owns 350,316 shares of the company's stock valued at $309,000 after purchasing an additional 119,281 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Assertio in the third quarter valued at about $26,000. GSA Capital Partners LLP lifted its holdings in shares of Assertio by 536.0% in the third quarter. GSA Capital Partners LLP now owns 381,584 shares of the company's stock valued at $336,000 after purchasing an additional 321,584 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Assertio by 0.9% in the third quarter. Vanguard Group Inc. now owns 4,425,543 shares of the company's stock valued at $3,899,000 after purchasing an additional 41,332 shares in the last quarter. Hedge funds and other institutional investors own 48.96% of the company's stock.

Assertio Stock Performance

Shares of ASRT opened at $18.47 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.51 and a current ratio of 1.70. The company has a market capitalization of $119.13 million, a price-to-earnings ratio of -3.80 and a beta of 0.45. The company's 50 day simple moving average is $15.65 and its 200 day simple moving average is $12.85. Assertio Holdings, Inc. has a 1 year low of $8.61 and a 1 year high of $20.45.

Assertio (NASDAQ:ASRT - Get Free Report) last announced its quarterly earnings data on Monday, March 16th. The company reported ($1.86) earnings per share (EPS) 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 the consensus estimate of $6.20 million. Assertio had a negative net margin of 25.59% and a negative return on equity of 30.26%. On average, sell-side analysts predict that Assertio Holdings, Inc. will post 0.03 EPS for the current year.

Analyst Ratings Changes

ASRT has been the topic of several recent research reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Assertio in a report on Monday, April 20th. HC Wainwright reaffirmed 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. Lake Street Capital downgraded shares of Assertio from a "buy" rating to a "hold" rating and reduced their price target for the company from $45.00 to $18.00 in a report on Thursday, April 9th. Wall Street Zen downgraded shares of Assertio from a "buy" rating to a "hold" rating in a report on Saturday, March 21st. Finally, Maxim Group downgraded shares of Assertio from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 9th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $18.00.

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.

Want to see what other hedge funds are holding ASRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Assertio Holdings, Inc. (NASDAQ:ASRT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.