Biodel Inc. (ALBO) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Biodel Inc. (NASDAQ:ALBO) from a buy rating to a hold rating in a research note published on Tuesday, August 1st.

According to Zacks, “Albireo Pharma, Inc. is a biopharmaceutical company. It focused on the development of novel bile acid modulators to treat orphan pediatric liver diseases and other liver and gastrointestinal diseases and disorders. Albireo Pharma Inc., formerly known as BIODEL INC., is based in Boston, United States. “

A number of other research analysts have also issued reports on ALBO. Wedbush began coverage on Biodel in a research report on Friday, June 30th. They set an outperform rating on the stock. Needham & Company LLC began coverage on Biodel in a report on Tuesday, July 18th. They set a buy rating and a $35.00 price target on the stock. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $31.50.

Shares of Biodel (ALBO) traded up 0.47% on Tuesday, hitting $23.54. 16,194 shares of the stock traded hands. The stock has a 50 day moving average price of $24.39 and a 200-day moving average price of $22.22. Biodel has a 52 week low of $11.70 and a 52 week high of $37.69. The stock’s market cap is $148.11 million.

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An institutional investor recently raised its position in Biodel stock. Renaissance Technologies LLC increased its stake in shares of Biodel Inc. (NASDAQ:ALBO) by 0.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent reporting period. 12.33% of the stock is owned by institutional investors.

Biodel Company Profile

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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