Novadel Looking to Leave Pennyland (NVD, HNAB)
Novadel Pharma (AMEX: NVD) shares look ripe for the picking at these price levels, so much so that insiders can’t keep their hands off them.
The specialty pharmaceutical company develops oral spray versions of drugs already on the market, and has strong co-agreements in North America and Europe, including rumors of a potential oral spray formulation of Viagra in collaboration with Pfizer.
Despite the numerous products in development, strong cash position and relatively low debt the stock has been hurt substantially ever since its U.S. launch of Zensana was delayed after Hana Biosciences (NASDAQ: HNAB) had experienced manufacturing issues. The stock plummeted to a year low $0.16 per share, placing the stock deep into Pennyland.
But the company is moving forward with its plans, and continues to make strong collaborate and licensing agreements, including a manufacturing and marketing agreement with European BioAlliance Pharma for its anti-emetic oral spray formulation Ondansetron announced just two days ago. The stock was up to $0.30 and higher last week and now sits at $0.34.
Insiders continue to buy, and have been doing so ever since the stock went sub-$1.00 back in August of 2007. This is a strong signal that the company’s stock could be on its way out of Pennyland. If not, there could still be plenty of room to run from here.
Dr. Hisham S. Ayoub, DMD
May 27, 2008
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