Allianz Asset Management GmbH cut its holdings in PDL BioPharma Inc (NASDAQ:PDLI) by 2.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 934,085 shares of the biotechnology company’s stock after selling 28,183 shares during the period. Allianz Asset Management GmbH owned about 0.62% of PDL BioPharma worth $2,746,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Spark Investment Management LLC purchased a new stake in shares of PDL BioPharma in the 4th quarter worth about $142,000. Municipal Employees Retirement System of Michigan raised its stake in PDL BioPharma by 27.1% in the 4th quarter. Municipal Employees Retirement System of Michigan now owns 458,960 shares of the biotechnology company’s stock valued at $1,258,000 after purchasing an additional 97,940 shares during the last quarter. BlackRock Inc. raised its stake in PDL BioPharma by 5.1% in the 4th quarter. BlackRock Inc. now owns 14,711,963 shares of the biotechnology company’s stock valued at $40,311,000 after purchasing an additional 713,150 shares during the last quarter. Jane Street Group LLC acquired a new position in PDL BioPharma in the 4th quarter valued at about $142,000. Finally, Matarin Capital Management LLC acquired a new position in PDL BioPharma in the 1st quarter valued at about $3,312,000. Institutional investors and hedge funds own 90.47% of the company’s stock.
Several research analysts recently weighed in on PDLI shares. BidaskClub raised shares of PDL BioPharma from a “strong sell” rating to a “sell” rating in a research note on Friday, March 9th. Zacks Investment Research raised shares of PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.50 target price for the company in a research note on Wednesday, March 14th. TheStreet raised shares of PDL BioPharma from a “d+” rating to a “c-” rating in a research note on Friday, March 9th. Finally, Cowen reissued a “hold” rating and issued a $2.50 target price on shares of PDL BioPharma in a research note on Thursday, June 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. PDL BioPharma currently has an average rating of “Hold” and an average price target of $3.33.
Shares of PDL BioPharma opened at $2.35 on Wednesday, Marketbeat.com reports. PDL BioPharma Inc has a twelve month low of $2.15 and a twelve month high of $3.55. The stock has a market capitalization of $357.02 million, a P/E ratio of 3.73 and a beta of 0.32. The company has a debt-to-equity ratio of 0.14, a current ratio of 10.03 and a quick ratio of 9.75.
PDL BioPharma (NASDAQ:PDLI) last announced its earnings results on Wednesday, May 9th. The biotechnology company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.02. PDL BioPharma had a net margin of 33.57% and a return on equity of 11.76%. The firm had revenue of $38.52 million during the quarter. analysts expect that PDL BioPharma Inc will post 0.22 EPS for the current year.
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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