PDL BioPharma (PDLI) to Buyback $100.00 million in Shares

PDL BioPharma (NASDAQ:PDLI) announced that its Board of Directors has initiated a share buyback program, which allows the company to buyback $100.00 million in outstanding shares on Monday, September 24th. This buyback authorization allows the biotechnology company to purchase up to 27.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Shares of PDL BioPharma stock opened at $2.54 on Thursday. The company has a debt-to-equity ratio of 0.17, a current ratio of 11.13 and a quick ratio of 10.80. The stock has a market capitalization of $366.41 million, a P/E ratio of 5.14 and a beta of 0.30. PDL BioPharma has a fifty-two week low of $2.25 and a fifty-two week high of $3.55.

PDL BioPharma (NASDAQ:PDLI) last announced its quarterly earnings data on Wednesday, August 8th. The biotechnology company reported $0.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.04. The firm had revenue of $46.58 million during the quarter. PDL BioPharma had a positive return on equity of 8.92% and a negative net margin of 31.33%. equities research analysts anticipate that PDL BioPharma will post -0.6 earnings per share for the current fiscal year.

A number of brokerages have recently issued reports on PDLI. BidaskClub raised PDL BioPharma from a “strong sell” rating to a “sell” rating in a research report on Friday, September 21st. Zacks Investment Research lowered PDL BioPharma from a “hold” rating to a “sell” rating in a research report on Tuesday, July 24th. Cowen reissued a “hold” rating and issued a $2.50 price objective on shares of PDL BioPharma in a report on Thursday, June 14th. ValuEngine lowered PDL BioPharma from a “buy” rating to a “hold” rating in a report on Thursday, August 23rd. Finally, TheStreet lowered PDL BioPharma from a “c-” rating to a “d+” rating in a report on Friday, August 17th. Two analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $3.00.

PDL BioPharma Company Profile

PDL BioPharma, Inc acquires and manages companies, products, royalty agreements, and debt facilities in the biotechnology, pharmaceutical, and medical device industries in the United States, Europe, and internationally. The company operates in three segments: Income Generating Assets, Pharmaceutical, and Medical Devices.

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