Schwab Charles Investment Management Inc. Acquires 584,481 Shares of PDL BioPharma, Inc. (PDLI)

Schwab Charles Investment Management Inc. raised its holdings in PDL BioPharma, Inc. (NASDAQ:PDLI) by 25.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,877,105 shares of the biotechnology company’s stock after buying an additional 584,481 shares during the period. Schwab Charles Investment Management Inc. owned about 1.79% of PDL BioPharma worth $7,107,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Eqis Capital Management Inc. lifted its stake in shares of PDL BioPharma by 0.5% in the second quarter. Eqis Capital Management Inc. now owns 232,933 shares of the biotechnology company’s stock valued at $575,000 after buying an additional 1,125 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of PDL BioPharma by 15.3% during the first quarter. Public Employees Retirement System of Ohio now owns 55,423 shares of the biotechnology company’s stock valued at $126,000 after purchasing an additional 7,336 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of PDL BioPharma by 22.0% during the first quarter. AQR Capital Management LLC now owns 4,546,501 shares of the biotechnology company’s stock valued at $10,321,000 after purchasing an additional 820,481 shares in the last quarter. Nomura Holdings Inc. bought a new position in shares of PDL BioPharma during the first quarter valued at about $1,723,000. Finally, Two Sigma Securities LLC bought a new position in shares of PDL BioPharma during the first quarter valued at about $148,000. 83.34% of the stock is currently owned by hedge funds and other institutional investors.

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PDL BioPharma, Inc. (NASDAQ PDLI) opened at 3.42 on Monday. The company’s 50 day moving average is $3.17 and its 200-day moving average is $2.54. The company has a market capitalization of $526.95 million, a price-to-earnings ratio of 7.86 and a beta of 0.49. PDL BioPharma, Inc. has a 52-week low of $1.93 and a 52-week high of $3.77.

PDL BioPharma (NASDAQ:PDLI) last announced its quarterly earnings results on Thursday, August 3rd. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.17. The company had revenue of $143.80 million for the quarter, compared to analysts’ expectations of $56.30 million. PDL BioPharma had a net margin of 23.03% and a return on equity of 9.07%. PDL BioPharma’s revenue was up 584.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.09 EPS. Equities analysts anticipate that PDL BioPharma, Inc. will post $0.61 EPS for the current fiscal year.

PDL BioPharma declared that its board has initiated a stock buyback plan on Monday, September 25th that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the biotechnology company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

A number of research analysts recently weighed in on PDLI shares. ValuEngine lowered shares of PDL BioPharma from a “buy” rating to a “hold” rating in a research report on Wednesday, September 6th. BidaskClub lowered shares of PDL BioPharma from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Zacks Investment Research raised shares of PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.00 price target on the stock in a research report on Wednesday, August 16th. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $4.00 price target on shares of PDL BioPharma in a research report on Thursday, August 10th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. PDL BioPharma has an average rating of “Buy” and an average target price of $3.50.

About PDL BioPharma

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

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