California Public Employees Retirement System grew its position in PDL BioPharma Inc (NASDAQ:PDLI) by 12.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,085,093 shares of the biotechnology company’s stock after purchasing an additional 117,993 shares during the quarter. California Public Employees Retirement System’s holdings in PDL BioPharma were worth $3,678,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd acquired a new stake in PDL BioPharma during the 3rd quarter worth $131,000. Public Employees Retirement System of Ohio raised its stake 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. Cubist Systematic Strategies LLC raised its stake in PDL BioPharma by 64.0% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 49,062 shares of the biotechnology company’s stock worth $166,000 after acquiring an additional 19,144 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake 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 raised its stake 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. Institutional investors and hedge funds own 88.37% of the company’s stock.

Shares of PDL BioPharma Inc (PDLI) opened at $2.84 on Friday. PDL BioPharma Inc has a one year low of $1.96 and a one year high of $3.55. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.10 and a current ratio of 3.16. The company has a market cap of $438.32, a price-to-earnings ratio of 5.68 and a beta of 0.46.

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

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

Several brokerages recently commented on PDLI. ValuEngine upgraded shares of PDL BioPharma from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Cowen reiterated a “hold” rating and set a $3.00 price target on shares of PDL BioPharma in a research note on Friday, October 27th. Zacks Investment Research lowered shares of PDL BioPharma from a “buy” rating to a “hold” rating in a research note on Monday, January 8th. Finally, BidaskClub lowered shares of PDL BioPharma from a “hold” rating to a “sell” rating in a research note on Saturday, January 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $3.33.

TRADEMARK VIOLATION NOTICE: This story was reported by Watch List News and is the sole property of of Watch List News. If you are viewing this story on another publication, it was stolen and reposted in violation of U.S. & international copyright & trademark laws. The correct version of this story can be viewed at https://www.watchlistnews.com/california-public-employees-retirement-system-has-3-68-million-stake-in-pdl-biopharma-inc-pdli/1805471.html.

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.

Want to see what other hedge funds are holding PDLI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PDL BioPharma Inc (NASDAQ:PDLI).

Institutional Ownership by Quarter for PDL BioPharma (NASDAQ:PDLI)

Receive News & Ratings for PDL BioPharma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PDL BioPharma and related companies with MarketBeat.com's FREE daily email newsletter.