Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Biodel, Maker of Novel Insulin, Rises on Possible Deal

Jan. 13 (Bloomberg) -- Biodel Inc. rose the most since it began selling public shares in May 2007 on an analyst’s note expressing optimism about the company’s insulin product.

Biodel gained 54 cents, or 28 percent, to $2.50 at 4 p.m. New York time in Nasdaq Stock Market composite trading for the biggest one-day gain since the company’s initial public offering more than 3 1/2 years ago.

Prospects for a partnership for the fast-acting insulin, known as Linjeta, or an acquisition may have driven up the Danbury, Connecticut-based company’s shares, Liana Moussatos, an analyst at Wedbush Securities in San Francisco, said today in a note to investors. Biodel made a presentation today to investors at the J.P. Morgan Healthcare Conference in San Francisco.

“We believe value-oriented investors may be interested in Biodel’s approximately $60 million market capitalization contrasted to the blockbuster revenue potential” of Linjeta, Moussatos wrote in the note.

In November, Biodel lost almost half its value after U.S. regulators declined to approve the company’s product without new clinical studies. The agency asked for two clinical trials in patients with Type 1 and Type 2 diabetes to prove that Linjeta, works and is safe.

Erik Steiner, the company’s vice president for operations, declined to comment in an e-mail on the shares gain.

To contact the reporter on this story: David Olmos in San Francisco at dolmos@bloomberg.net

To contact the editor responsible for this story: Reg Gale at Rgale5@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.