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Specialty drugmaker Horizon Pharma ( HZNP ) jumped in trading Monday after its Q1 earnings topped Wall Street’s estimates and the company affirmed guidance, while its former buyout target Depomed ( DEPO ) was also up sharply on an upgrade. Horizon said earnings climbed 89% over the year-earlier quarter to 34 cents a share, beating analysts’ consensus by 4 cents, according to Thomson Reuters. Sales rose 81% to $204.7 million, about $7 million above estimates. Horizon affirmed its 2016 sales guidance, first issued in January, of $1.025 billion to $1.05 billion, with EBITDA of $505 million to $520 million. It did not offer EPS guidance. It said that Q2 sales should comprise 22% to 23% of the year’s revenue, and 21% to 22% of EBITDA. Horizon’s continued affirmation of 2016 guidance surprised Wall Street, after it guided to below-consensus Q1 numbers on April 12. Analyst consensus is still below Horizon’s guidance, with $1 billion in sales and $482 million in EBITDA. “Although there remains a high degree of skepticism by some about the quarterly progression necessary to meet these targets, we would note that the Q1 performance — and Q2 guidance (which is for revenues to reach 22-23% of the full year versus 23% for 2015 and 22% for 2014) — are very much in line with the standard seasonality,” wrote Cowen analyst Ken Cacciatore in a research note. Horizon stock was up 14% in afternoon trading on the stock market today , near 15. Though possessing a solid EPS Rank of 79, the stock has lost half its value since last July as various parties have accused it of predatory pricing practices. One such party was Depomed, which Horizon tried unsuccessfully to buy last year. Depomed’s management is now under siege from activist investor Jeffrey Smith, largely because of its unwillingness to be bought. It didn’t help Depomed’s management that last week the company missed its Q1 expectations while raising its expense guidance, erasing the stock’s gains from Smith’s involvement. However, on Monday Mizuho Securities upgraded it to buy from neutral and added a buck to its price target, now 19. “We think there is now an attractive entry point into a stock with some positive momentum and takeout prospects ahead,” wrote Mizuho analyst Irina Koffler in her research note. Depomed stock was up nearly 16% in afternoon trading Monday.