Biodel Inc’s Stock Is Sell After Forming Multiple Bottom Chart Pattern

The stock of Biodel Inc (BIOD) shows a multiple bottoms pattern with $0.30 target or 14.00% below today’s $0.35 share price. The 5 months chart pattern indicates high risk for the $23.23M company. It was reported on Mar, 4 by If the $0.30 price target is reached, the company will be worth $3.25 million less. Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%. The stock is up 2.20% or $0.008 after the news, hitting $0.353 per share. About 247,671 shares traded hands. Biodel Inc (NASDAQ:BIOD) has declined 66.67% since July 29, 2015 and is downtrending. It has underperformed by 61.20% the S&P500.

Analysts await Biodel Inc (NASDAQ:BIOD) to reports earnings on May, 4.

Out of 1 analysts covering Biodel (NASDAQ:BIOD), 0 rate it “Buy”, 0 “Sell”, while 1 “Hold”. This means 0% are positive. Biodel was the topic in 2 analyst reports since December 18, 2015 according to StockzIntelligence Inc. Ladenburg Thalmann downgraded the stock on December 18 to “Neutral” rating.

According to Zacks Investment Research, “BIODEL INC. is a specialty biopharmaceutical company focused on the development and commercialization of innovative treatments for endocrine disorders, such as diabetes and osteoporosis. Biodel’s product candidates are developed by using VIAdel(TM) technology, which reformulates existing FDA-approved peptide drugs. The Company’s lead product candidate, VIAject(TM), is an ultra rapid-acting injectable meal-time insulin in development for use by patients with Type 1 or Type 2 diabetes. VIAject(TM) is currently being tested in two pivotal Phase III clinical trials. Biodel’s pipeline also includes VIAtab(TM), a sublingual tablet formulation of insulin in the Phase I stage of clinical testing, and two pre-clinical osteoporosis product candidates.”

The institutional sentiment decreased to 0.27 in Q3 2015. Its down 1.90, from 2.17 in 2015Q2. The ratio dropped, as 10 funds sold all Biodel Inc shares owned while 16 reduced positions. 2 funds bought stakes while 5 increased positions. They now own 38.92 million shares or 3.78% more from 37.50 million shares in 2015Q2.

Longwood Capital Partners Llc holds 0.65% of its portfolio in Biodel Inc for 2.55 million shares. Great Point Partners Llc owns 3.32 million shares or 0.58% of their US portfolio. Moreover, Awm Investment Company Inc. has 0.38% invested in the company for 4.41 million shares. The Maryland-based Rock Springs Capital Management Lp has invested 0.14% in the stock. Broadfin Capital Llc, a New York-based fund reported 5.16 million shares.

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