BioDelivery Sciences International, Inc. (NASDAQ:BDSI)
BioDelivery Sciences International, Inc. (NASDAQ:BDSI) has had two days of substantial gains and seems to have triggered a sell program as shares met significant resistance at $2.85. Last Thursday, Friday, and Monday BDSI shares had a tough time breaking above $2.30 then yesterday shares moved up steadily only to meet some mild resistance at $2.60. Today shares gapped up to open at $2.75 and quickly climbed to $2.85 by mid-day but, apparently, strong selling kicked in and BDSI was unable to sustain any moves above $2.85 and closed today at $2.75. Volumes were heavy. Over 2.2 million shares of BDSI traded today or about three times their 30-day, daily average trading volume of 613,500.
BioDelivery Sciences International, Inc. (NASDAQ:BDSI)’s development strategy focuses on the utilization of the FDA’s 505(b)(2) approval process. This regulatory pathway creates the potential for more timely and efficient approval of new formulations of previously approved therapeutics.
Today, upward movement was likely helped along by the company’s announcement that it has signed an agreement with CVS/Caremark extending access to both BELBUCA® (buprenorphine) buccal film (CIII) and BUNAVAIL® (buprenorphine and naloxone) buccal film (CIII) through 2020. The agreement is important as CVS/Caremark represents a significant portion of the covered lives in the United States. BioDelivery Sciences International, Inc. (NASDAQ:BDSI) reacquired BELBUCA from Endo Pharmaceuticals in January 2017 and subsequently relaunched the product. Prescription sales for BELBUCA reached their highest point in May 2017 since the product was launched by Endo in early 2016 and continues to grow in June. Weekly sales for BELBUCA for the week ending June 9, 2017 (1,657 prescriptions) exceeded the previous peak from December 2016 for the first time according to data from Symphony Health.
Shares of BioDelivery Sciences International, Inc. (NASDAQ:BDSI) have performed well over every timeframe. In the past week, BDSI shares gained over 14%, they are up over 6% for the month, up over 48% YTD, and up over 10% for the year. Seven investment firms follow BDSI shares. Six rate them as a “Strong Buy” and one rates them as “Hold” Their consensus price target is $4.00.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.