Bank of America Corp DE Reduces Holdings in PDL BioPharma Inc (PDLI)

Bank of America Corp DE decreased its holdings in PDL BioPharma Inc (NASDAQ:PDLI) by 85.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 282,404 shares of the biotechnology company’s stock after selling 1,658,921 shares during the period. Bank of America Corp DE’s holdings in PDL BioPharma were worth $818,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also bought and sold shares of PDLI. Fruth Investment Management purchased a new stake in PDL BioPharma in the fourth quarter valued at $29,000. Strategic Wealth Partners Ltd. acquired a new position in PDL BioPharma during the fourth quarter worth about $44,000. Two Sigma Securities LLC acquired a new position in PDL BioPharma during the fourth quarter worth about $61,000. CAPROCK Group Inc. acquired a new position in PDL BioPharma during the fourth quarter worth about $95,000. Finally, United Services Automobile Association grew its position in PDL BioPharma by 13.1% during the fourth quarter. United Services Automobile Association now owns 89,576 shares of the biotechnology company’s stock worth $260,000 after buying an additional 10,354 shares during the period. Institutional investors and hedge funds own 99.00% of the company’s stock.

PDLI has been the topic of several recent analyst reports. TheStreet upgraded shares of PDL BioPharma from a “d+” rating to a “c-” rating in a research report on Wednesday, February 6th. BidaskClub upgraded shares of PDL BioPharma from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 23rd. ValuEngine upgraded shares of PDL BioPharma from a “hold” rating to a “buy” rating in a research report on Tuesday, March 12th. Finally, Cowen reiterated a “hold” rating on shares of PDL BioPharma in a research report on Thursday, May 9th. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. PDL BioPharma has an average rating of “Hold” and an average price target of $3.00.

PDLI stock opened at $3.21 on Thursday. The company has a market capitalization of $375.24 million, a PE ratio of 8.68 and a beta of 0.53. PDL BioPharma Inc has a 12 month low of $2.25 and a 12 month high of $3.89. The company has a current ratio of 11.02, a quick ratio of 10.67 and a debt-to-equity ratio of 0.18.

PDL BioPharma (NASDAQ:PDLI) last released its quarterly earnings results on Thursday, May 9th. The biotechnology company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. The business had revenue of $38.91 million for the quarter. PDL BioPharma had a negative net margin of 32.13% and a positive return on equity of 6.86%. During the same quarter in the prior year, the company earned $0.01 earnings per share. Equities analysts anticipate that PDL BioPharma Inc will post 0.25 EPS for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: This piece of content was first posted by Markets Daily and is the property of of Markets Daily. If you are accessing this piece of content on another domain, it was illegally copied and reposted in violation of international trademark & copyright legislation. The legal version of this piece of content can be accessed at https://www.themarketsdaily.com/2019/05/16/bank-of-america-corp-de-reduces-holdings-in-pdl-biopharma-inc-pdli.html.

PDL BioPharma Company Profile

PDL BioPharma, Inc acquires, manages, and commercializes commercial stage pharmaceutical assets and late clinical stage pharmaceutical products in the United States, Europe, and internationally. The company operates in three segments: Pharmaceutical, Medical Devices, and Income Generating Assets. The Pharmaceutical segment manufactures, markets, and sells prescription medicine products for the treatment of hypertension to wholesalers under the Tekturna and Tekturna HCT names in the United States, as well as under the Rasilez and Rasilez HCT names internationally.

Read More: What is Net Asset Value (NAV)?

Want to see what other hedge funds are holding PDLI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PDL BioPharma Inc (NASDAQ:PDLI).

Institutional Ownership by Quarter for PDL BioPharma (NASDAQ:PDLI)

Receive News & Ratings for PDL BioPharma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PDL BioPharma and related companies with MarketBeat.com's FREE daily email newsletter.