Wedbush Securities Reiterates Neutral Rating, $3 PT on Biodel

In a report published Friday, Wedbush Securities reiterated its Neutral rating and $3.00 price target on Biodel

. Wedbush Securities noted, “We remain NEUTRAL on the stock with a $3 fair value. Despite being encouraged by the progress made in advancing the RHI-based and analog-based rapid acting insulin programs along with the liquid stabilized glucagon program, we would like to see positive proof-of-concept data from the glucagon program or positive Phase 2 data for BIOD-123 before including them in our fair value. Currently, our fair value only includes cash per share.” Biodel closed on Thursday at $2.86.