Wedbush Begins Coverage on Biodel Inc. (NASDAQ:ALBO)

Stock analysts at Wedbush began coverage on shares of Biodel Inc. (NASDAQ:ALBO) in a report issued on Friday, June 30th, MarketBeat reports. The brokerage set an “outperform” rating on the biopharmaceutical company’s stock. Wedbush also issued estimates for Biodel’s FY2017 earnings at ($3.70) EPS, Q1 2018 earnings at ($1.01) EPS, Q2 2018 earnings at ($1.01) EPS, Q3 2018 earnings at ($1.01) EPS and Q4 2018 earnings at ($1.00) EPS.

Separately, Zacks Investment Research downgraded Biodel from a “hold” rating to a “sell” rating in a research report on Tuesday, March 28th. Five investment analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and an average target price of $31.50.

Biodel (NASDAQ ALBO) traded up 1.36% during midday trading on Friday, reaching $24.60. 12,988 shares of the company’s stock were exchanged. Biodel has a 12 month low of $10.80 and a 12 month high of $37.69. The firm has a 50 day moving average of $22.14 and a 200-day moving average of $21.79. The stock’s market cap is $154.78 million.

Biodel (NASDAQ:ALBO) last posted its quarterly earnings results on Wednesday, May 10th. The biopharmaceutical company reported ($1.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.10) by $0.04. On average, equities research analysts predict that Biodel will post ($3.60) earnings per share for the current year.

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An institutional investor recently raised its position in Biodel stock. Renaissance Technologies LLC boosted its stake in Biodel Inc. (NASDAQ:ALBO) by 0.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 149,632 shares of the biopharmaceutical company’s stock after buying an additional 794 shares during the period. Renaissance Technologies LLC’s holdings in Biodel were worth $3,591,000 as of its most recent SEC filing. 12.35% of the stock is owned by hedge funds and other institutional investors.

About Biodel

Biodel Inc is a specialty biopharmaceutical company. The Company focuses on the development and commercialization of treatments for diabetes. The Company is engaged in developing product candidates by applying its formulation technologies to existing drugs. The Company is engaged in developing room temperature stable glucagon presentations for use as a rescue treatment for diabetes patients experiencing severe hypoglycemia.

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