), initiating BIOD at Accumulate. In a note to clients, Global Hunter writes, "We believe Biodel's key value-driver, an ultra-rapid formulation of insulin, could generate important data in 3Q11. While early, data from this study will set the stage for phase II trials, expected to begin by year-end. BIOD's prior experience with formulations, corrections of past mistakes, new management, and a rationally-designed clinical program all suggest a potentially lower-risk development path than other phase I stories. Pending a successful phase II program, BIOD could initiate pivotal trials in 2H12. We currently estimate a potential market entry in the 2015 timeframe and project 2020 royalty revenue to BIOD of approximately $250MM. Based on investor skepticism around the name, the overhang from past clinical and regulatory failures, and the early-stage nature of the programs, we believe shares could see attractive long-term upside from current levels. That said, we are initiating coverage of BIOD with an Accumulate rating and $5 price target." At the time of posting, shares of BIOD were trading at $2.06, up 1.98% from Wednesday's close.