PDL BioPharma (NASDAQ:PDLI) Downgraded by BidaskClub to Sell

PDL BioPharma (NASDAQ:PDLI) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday, January 6th.

A number of other analysts have also issued reports on the company. ValuEngine raised PDL BioPharma from a “hold” rating to a “buy” rating in a research report on Saturday, November 25th. Cowen reaffirmed a “hold” rating and set a $3.00 target price on shares of PDL BioPharma in a research report on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $3.33.

Shares of PDL BioPharma (PDLI) traded up $0.01 during trading on Friday, reaching $2.84. The company had a trading volume of 760,902 shares, compared to its average volume of 1,283,779. PDL BioPharma has a 52-week low of $1.96 and a 52-week high of $3.55. The firm has a market capitalization of $436.78, a PE ratio of 5.57 and a beta of 0.45. The company has a quick ratio of 3.10, a current ratio of 3.16 and a debt-to-equity ratio of 0.14.

PDL BioPharma (NASDAQ:PDLI) last issued its earnings results on Thursday, November 2nd. The biotechnology company reported $0.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.01. The firm had revenue of $62.75 million for the quarter, compared to analysts’ expectations of $61.86 million. PDL BioPharma had a return on equity of 9.20% and a net margin of 24.51%. The firm’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.08 earnings per share. analysts predict that PDL BioPharma will post 0.67 EPS for the current fiscal year.

PDL BioPharma announced that its Board of Directors has authorized a stock buyback plan on Monday, September 25th that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the biotechnology company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

A number of institutional investors have recently made changes to their positions in PDLI. Dimensional Fund Advisors LP boosted 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. Mackenzie Financial Corp boosted its position in shares of PDL BioPharma by 39.0% during the third quarter. Mackenzie Financial Corp now owns 5,074,015 shares of the biotechnology company’s stock worth $17,201,000 after buying an additional 1,423,471 shares during the period. Northern Trust Corp boosted 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. State Street Corp boosted its position in shares of PDL BioPharma by 14.4% during the second quarter. State Street Corp now owns 5,042,207 shares of the biotechnology company’s stock worth $12,457,000 after buying an additional 632,995 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of PDL BioPharma by 25.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 2,877,105 shares of the biotechnology company’s stock worth $7,107,000 after buying an additional 584,481 shares during the period. 88.37% of the stock is owned by hedge funds and other institutional investors.

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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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