Schwab Charles Investment Management Inc. increased its holdings in shares of PDL BioPharma Inc (NASDAQ:PDLI) by 10.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,169,759 shares of the biotechnology company’s stock after buying an additional 292,654 shares during the period. Schwab Charles Investment Management Inc. owned about 2.06% of PDL BioPharma worth $10,746,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Dynamic Technology Lab Private Ltd acquired a new position in PDL BioPharma during the 3rd quarter worth approximately $131,000. Airain ltd grew its holdings in PDL BioPharma by 21.0% during the 2nd quarter. Airain ltd now owns 56,911 shares of the biotechnology company’s stock worth $141,000 after acquiring an additional 9,893 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in PDL BioPharma by 18.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 65,612 shares of the biotechnology company’s stock worth $162,000 after acquiring an additional 10,189 shares in the last quarter. BNP Paribas Arbitrage SA grew its holdings in PDL BioPharma by 141.7% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 53,584 shares of the biotechnology company’s stock worth $182,000 after acquiring an additional 31,418 shares in the last quarter. Finally, Voya Investment Management LLC grew its holdings in PDL BioPharma by 15.7% during the 2nd quarter. Voya Investment Management LLC now owns 82,612 shares of the biotechnology company’s stock worth $204,000 after acquiring an additional 11,235 shares in the last quarter. 88.37% of the stock is currently owned by hedge funds and other institutional investors.
PDLI has been the subject of several analyst reports. ValuEngine upgraded shares of PDL BioPharma from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Cowen reiterated a “hold” rating and set a $3.00 price target on shares of PDL BioPharma in a report on Friday, October 27th. BidaskClub cut shares of PDL BioPharma from a “hold” rating to a “sell” rating in a report on Saturday, January 6th. Finally, Zacks Investment Research cut shares of PDL BioPharma from a “buy” rating to a “hold” rating in a report on Monday, January 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. PDL BioPharma currently has a consensus rating of “Hold” and an average price target of $3.33.
PDL BioPharma Inc (NASDAQ:PDLI) opened at $2.84 on Friday. The stock has a market cap of $436.78, a price-to-earnings ratio of 5.57 and a beta of 0.45. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.16 and a quick ratio of 3.10. PDL BioPharma Inc has a twelve month low of $1.96 and a twelve month high of $3.55.
PDL BioPharma (NASDAQ:PDLI) last issued its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported $0.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.01. The firm had revenue of $62.75 million during the quarter, compared to analysts’ expectations of $61.86 million. PDL BioPharma had a net margin of 24.51% and a return on equity of 9.20%. PDL BioPharma’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.08 EPS. sell-side analysts expect that PDL BioPharma Inc will post 0.67 earnings per share for the current year.
PDL BioPharma announced that its Board of Directors has authorized a share buyback program on Monday, September 25th that allows the company to buyback $25.00 million in shares. This buyback authorization allows the biotechnology company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors 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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