Shares of Biodel Inc. (BIOD) rose 27 percent to $2.49 and rallied 30 percent earlier. The biotech company is expected to issue a corporate update at J.P. Morgan’s annual health-care conference in San Francisco. The update will include information about the development of new follow-on formulations of its lead product, Linjeta including milestones and timelines, according to a press release.
Shares of BIOD traded as high as $2.69 during mid-day trading on Thursday. Over the last two months, the security has gained 40%, but still remains at depressed levels, having fallen more than 60.80% in the last 52 weeks. The day’s trading range for shares of Biodel Inc., which closed at $1.96 in the previous trading session and opened today at $2.01, has been between $1.96 and $2.69 per share. The median Wall Street price target on the stock is $4.50 and the high target is set at $7.00.
The security’s volume has swelled to more than seven times the stock’s daily average. More than 7.7 million BIOD shares have already traded hands compared to a daily average of around 994,000.
At last check [2:02 p.m. EST], BIOD shares were up over 25% to $2.45 in trading on the Nasdaq. In the past year, Biodel Inc has hit a 52-week low of $1.50 and 52-week high of $6.25.