PDL BioPharma, Inc. (PDLI) Receives “Hold” Rating from Cowen and Company

Cowen and Company reaffirmed their hold rating on shares of PDL BioPharma, Inc. (NASDAQ:PDLI) in a report published on Friday, October 27th. They currently have a $3.00 price objective on the biotechnology company’s stock.

Several other analysts have also recently issued reports on PDLI. BidaskClub cut PDL BioPharma from a strong-buy rating to a buy rating in a research note on Tuesday, July 11th. ValuEngine raised PDL BioPharma from a hold rating to a buy rating in a report on Friday, August 4th. Piper Jaffray Companies reaffirmed a buy rating and set a $4.00 target price on shares of PDL BioPharma in a report on Thursday, August 10th. Finally, Zacks Investment Research raised PDL BioPharma from a hold rating to a buy rating and set a $3.00 target price for the company in a report on Wednesday, August 16th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $3.33.

PDL BioPharma (NASDAQ:PDLI) traded up $0.01 during trading hours on Friday, hitting $3.04. The company had a trading volume of 1,403,800 shares, compared to its average volume of 1,848,308. PDL BioPharma has a fifty-two week low of $1.93 and a fifty-two week high of $3.77. The firm has a market capitalization of $469.95, a PE ratio of 6.31 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 announced its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported $0.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.01. The firm had revenue of $62.75 million for the quarter, compared to analyst estimates of $61.86 million. During the same quarter in the previous year, the company earned $0.08 EPS. The company’s quarterly revenue was up 17.0% compared to the same quarter last year. equities research analysts expect that PDL BioPharma will post 0.69 EPS for the current fiscal year.

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PDL BioPharma declared that its Board of Directors has initiated a share repurchase program on Monday, September 25th that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the biotechnology company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

A number of hedge funds have recently modified their holdings of PDLI. Credit Agricole S A boosted its stake in PDL BioPharma by 34.9% during the 1st quarter. Credit Agricole S A now owns 50,000 shares of the biotechnology company’s stock valued at $114,000 after purchasing an additional 12,942 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in PDL BioPharma by 15.3% during the 1st 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. Dynamic Technology Lab Private Ltd bought a new position in PDL BioPharma during the 3rd quarter valued at $131,000. Airain ltd boosted its stake in PDL BioPharma by 21.0% during the 2nd quarter. Airain ltd now owns 56,911 shares of the biotechnology company’s stock valued at $141,000 after purchasing an additional 9,893 shares in the last quarter. Finally, Two Sigma Securities LLC bought a new position in PDL BioPharma during the 1st quarter valued at $148,000. 82.69% of the stock is owned by institutional investors and hedge funds.

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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