3. Biodel (BIOD) is a development stage biopharmaceutical company focused on the development and commercialization of therapies for diabetes. The company develops its product candidates by applying its formulation technologies to existing drugs.
For the second quarter of 2011, net loss narrowed to $5.4 million or 21 cents per share from $10.4 million or 44 cents per share in the year-ago quarter. Cash and cash equivalents stood at $17.6 million, as on March 31, 2011. Research and development expenses declined 58.6% to $2.9 million, while general and administrative expenses decreased 32.3% to $2.3 million from the prior-year period.
Ayer Capital Management, a California-based firm, recently said that it has acquired a 6.39% stake in Biodel. The announcement came after Biodel announced to raise $30 million through a private stock placement. Besides, the company has entered into a definitive agreement with a group of institutional investors to sell 12.2 million shares of its common stock, 1.7 million shares of its Series A convertible preferred stock and warrants to purchase 9 million shares of its common stock at a negotiated price of $2.16 per unit.Of the six analysts covering the stock, 33% recommend a buy, while the remaining rate a hold. There are no sell ratings on the stock. On average, analysts estimate 105.3% upside to $4.17 in value from current levels.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV