Depomed Falls As Senator Plans To Probe Opioid Manufacturers

Depomed Inc DEPO shares are trading lower by $0.48 at $14.42 in Tuesday's session.

The stock is under selling pressure as Sen. Claire McCaskill (D-Missouri) plans to investigate how drugmakers promote prescription pain pills that have may have led to thousands of overdoses and deaths over the years.

Depomed's stock, which peaked this year on January 4 at $21.38, has been mirrored in a slow and steady decline. It's now trading lower for the eighth time in its last nine trading sessions, with the one outlier being a small gain on March 24 of a nickel. Over that stretch, it has fallen from its March 16 close ($16.16) to a low of $14.13 that was reached earlier in today's session.

That marks the lowest level for Depomed since it bottomed in April 2016 at $13.57.