A Danbury pharmaceutical developing drugs to treat diabetes and a Stamford-based oil and natural gas company saw their shares slide Thursday on low volume after reporting earnings.
Biodel Inc., which is developing new insulin and other drugs at its Danbury lab and headquarters, said it pared its loses in the quarter March 31, 2012 to $4.3 million, or $0.11 per share, compared to a net loss of $5.4 million, or $0.21 per share, for the same period a year ago. The company said it has no revenues to report but is making progress on several insulin formulas now in trial.
Analysts were expecting a loss of 15 cents, but like other pharmas, Biodel does have exposure to the European recession. Many pharmas carry out trials and research on the other side of the Atlantic, where rules are a bit more friendly to the development of drugs.
Shares in Biodel slipped 2 cents to 69 cents in trading on the Nasdaq Stock Market. Only 60,475 shares were traded when the average volume is 250,000.
Down county in Stamford, Prime Energy Group saw its shares slide more than 3 percent despite reversing last year’s loss.
Shares in Prime, traded on the Nasdaq, fell almost 4 percent to $24.50 on volume of 1,250 shares. About 1,221 shares trade on average.
The company reported net income of $1.3 million, or 39 cents per diluted share, for the most recent quarter, compared to a loss of $2.3 million, or 86 cents a share.
No analysts have given estimates for Prime’s most recent quarter.
Prime credited the positive swing in revenues to higher oil prices, higher production from its wells, increased natural gas sales as well as avoiding the losses from a year ago on oil commodities contracts.