Dynamic Technology Lab Private Ltd acquired a new position in shares of PDL BioPharma, Inc. (NASDAQ:PDLI) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 38,458 shares of the biotechnology company’s stock, valued at approximately $131,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of PDLI. Dimensional Fund Advisors LP increased its position in shares of PDL BioPharma by 30.7% during the second quarter. Dimensional Fund Advisors LP now owns 7,428,030 shares of the biotechnology company’s stock worth $18,348,000 after buying an additional 1,744,380 shares during the period. Kestrel Investment Management Corp acquired a new stake in shares of PDL BioPharma during the second quarter worth $4,293,000. Brandes Investment Partners LP increased its position in shares of PDL BioPharma by 1,790.3% during the second quarter. Brandes Investment Partners LP now owns 1,107,310 shares of the biotechnology company’s stock worth $2,879,000 after buying an additional 1,048,732 shares during the period. Northern Trust Corp increased its position in shares of PDL BioPharma by 48.7% during the second quarter. Northern Trust Corp now owns 2,846,346 shares of the biotechnology company’s stock worth $7,030,000 after buying an additional 931,730 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of PDL BioPharma by 6.2% during the first 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. Institutional investors own 88.44% of the company’s stock.
Several equities research analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.00 price objective for the company in a research report on Wednesday, August 16th. Cowen reissued a “hold” rating and set a $3.00 target price on shares of PDL BioPharma in a research note on Friday, October 27th. Finally, ValuEngine raised shares of PDL BioPharma from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $3.33.
PDL BioPharma, Inc. (NASDAQ:PDLI) opened at $2.85 on Friday. The stock has a market cap of $439.87, a price-to-earnings ratio of 5.94 and a beta of 0.45. PDL BioPharma, Inc. has a 12 month low of $1.93 and a 12 month high of $3.55. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.10 and a current ratio of 3.16.
PDL BioPharma (NASDAQ:PDLI) last issued its earnings results on Thursday, November 2nd. The biotechnology company reported $0.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.01. The business had revenue of $62.75 million for the quarter, compared to analyst estimates of $61.86 million. PDL BioPharma had a net margin of 24.51% and a return on equity of 9.20%. PDL BioPharma’s revenue was up 17.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.08 earnings per share. analysts predict that PDL BioPharma, Inc. will post 0.67 EPS for the current year.
PDL BioPharma declared that its Board of Directors has initiated a stock buyback program on Monday, September 25th that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the biotechnology company to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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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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