Wedbush Provides Model and Financial Update on Biodel (BIOD), Lowers Fair Value Estimate
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Price: $0.65 --0%
Rating Summary:
2 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
2 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush is reiterating its Outperform rating on shares of Biodel (NASDAQ: BIOD), but is lowering its fair value estimate from $5 to $4.
The company completed an offer on May 17, 2011 which included 12,074,945 common shares, 1,813,944 convertible preferred shares, and 9,027,772 warrants. As a result the firm believes that BIOD will end Q2 with around $41 million in cash.
The firm believes a potential partnership or acquisition announcement is a positive for the company. BIOD hopes to partner its ultra rapid-acting insulin with a pharmaceutical company with global reach or through multiple regional partnerships.
An analyst at Wedbush comments, "following the FDA’s complete response, Biodel indicated that its potential partners are still interested in the company’s proprietary technology, alternate insulin formulations and/or the earlier-stage pipeline."
For more ratings news on Biodel click here and for the rating history of Biodel click here.
Shares of Biodel closed at $1.72 yesterday.
The company completed an offer on May 17, 2011 which included 12,074,945 common shares, 1,813,944 convertible preferred shares, and 9,027,772 warrants. As a result the firm believes that BIOD will end Q2 with around $41 million in cash.
The firm believes a potential partnership or acquisition announcement is a positive for the company. BIOD hopes to partner its ultra rapid-acting insulin with a pharmaceutical company with global reach or through multiple regional partnerships.
An analyst at Wedbush comments, "following the FDA’s complete response, Biodel indicated that its potential partners are still interested in the company’s proprietary technology, alternate insulin formulations and/or the earlier-stage pipeline."
For more ratings news on Biodel click here and for the rating history of Biodel click here.
Shares of Biodel closed at $1.72 yesterday.
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