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.

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