PDL BioPharma, Inc. (NASDAQ:PDLI)’s share price dropped 0.7% during trading on Tuesday . The stock traded as low as $2.80 and last traded at $3.06. Approximately 1,309,900 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 1,845,850 shares. The stock had previously closed at $3.04.
PDLI has been the topic of several research analyst reports. Zacks Investment Research raised PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.00 price objective on the stock in a research report on Wednesday, August 16th. BidaskClub raised PDL BioPharma from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Cowen and Company reaffirmed a “hold” rating and issued a $3.00 price objective on shares of PDL BioPharma in a research report on Friday, October 27th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $4.00 price objective on shares of PDL BioPharma in a research report on Thursday, August 10th. Finally, ValuEngine downgraded PDL BioPharma from a “buy” rating to a “hold” rating in a research report on Wednesday, September 6th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $3.33.
The firm has a market cap of $471.49, a PE ratio of 6.33 and a beta of 0.46. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.90 and a current ratio of 1.94.
PDL BioPharma (NASDAQ:PDLI) last issued its earnings results on Thursday, November 2nd. The biotechnology company reported $0.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.01. PDL BioPharma had a return on equity of 9.33% and a net margin of 24.51%. The business had revenue of $62.75 million during the quarter, compared to analysts’ expectations of $61.86 million. During the same period in the prior year, the business earned $0.08 EPS. The business’s revenue for the quarter was up 17.0% compared to the same quarter last year. research analysts forecast that PDL BioPharma, Inc. will post 0.69 EPS for the current year.
PDL BioPharma announced that its Board of Directors has authorized a stock buyback program on Monday, September 25th that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the biotechnology company to purchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
Several hedge funds have recently modified their holdings of PDLI. Teachers Advisors LLC lifted its holdings in shares of PDL BioPharma by 3.9% in the 1st quarter. Teachers Advisors LLC now owns 311,539 shares of the biotechnology company’s stock worth $707,000 after buying an additional 11,793 shares during the period. California Public Employees Retirement System lifted its holdings in shares of PDL BioPharma by 33.1% in the 1st quarter. California Public Employees Retirement System now owns 883,300 shares of the biotechnology company’s stock worth $2,005,000 after buying an additional 219,800 shares during the period. Vanguard Group Inc. lifted its holdings in shares of PDL BioPharma by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 14,180,118 shares of the biotechnology company’s stock worth $32,188,000 after buying an additional 827,830 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of PDL BioPharma by 32.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,683,650 shares of the biotechnology company’s stock worth $12,901,000 after purchasing an additional 1,401,470 shares during the last quarter. Finally, KCG Holdings Inc. lifted its stake in shares of PDL BioPharma by 42.1% during the 1st quarter. KCG Holdings Inc. now owns 72,147 shares of the biotechnology company’s stock worth $164,000 after purchasing an additional 21,382 shares during the last quarter. Institutional investors and hedge funds own 83.38% of the company’s stock.
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PDL BioPharma Company Profile
PDL BioPharma, Inc seeks to provide return for its shareholders by acquiring and managing a portfolio of companies, products, royalty agreements and debt facilities in the biotechnology, pharmaceutical and medical device industries. The Company’s segments include income generating assets and product sales.
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