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DepoMed (DEPO) Stock Surging as Starboard Takes Stake

NEW YORK (TheStreet) -- Shares of DepoMed (DEPO - Get Report) are soaring higher by 12.33% to $16.85 in pre-market trading on Friday morning, after activist investor Starboard took a 6.8% stake in the specialty pharmaceutical company.

The hedge fund is now DepoMed's third largest shareholder and is intending to nominate a new crop of directors to the company's board, Reuters reports.

Starboard believes DepoMed's shares are undervalued, which makes them an attractive investment opportunity.

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