PDL BioPharma, Inc. (PDLI) Receives $3.33 Average Price Target from Brokerages
Shares of PDL BioPharma, Inc. (NASDAQ:PDLI) have earned a consensus rating of “Buy” from the six brokerages that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $3.33.
Several equities analysts have recently issued reports on the stock. BidaskClub raised shares of PDL BioPharma from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $4.00 price target on shares of PDL BioPharma in a research note on Thursday, August 10th. Zacks Investment Research raised shares of PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.00 price target for the company in a research note on Wednesday, August 16th. ValuEngine raised shares of PDL BioPharma from a “hold” rating to a “buy” rating in a research note on Friday, August 4th. Finally, Cowen and Company reissued a “hold” rating and set a $3.00 target price on shares of PDL BioPharma in a research note on Friday, October 27th.
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Shares of PDL BioPharma (PDLI) traded down $0.01 during trading hours on Monday, reaching $2.84. 988,229 shares of the company traded hands, compared to its average volume of 1,849,973. The company has a market cap of $439.87, a P/E ratio of 5.88 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 has a fifty-two week low of $1.93 and a fifty-two week high of $3.55.
PDL BioPharma (NASDAQ:PDLI) last released its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $61.86 million. PDL BioPharma had a net margin of 24.51% and a return on equity of 9.33%. The company’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.08 earnings per share. equities analysts predict that PDL BioPharma will post 0.67 earnings per share for the current fiscal year.
PDL BioPharma announced that its board has approved a share repurchase program on Monday, September 25th that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the biotechnology company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.
A number of large investors have recently bought and sold shares of the business. California Public Employees Retirement System grew its holdings in PDL BioPharma by 12.2% in the third quarter. California Public Employees Retirement System now owns 1,085,093 shares of the biotechnology company’s stock worth $3,678,000 after purchasing an additional 117,993 shares during the period. Cubist Systematic Strategies LLC grew its holdings in PDL BioPharma by 64.0% in the third quarter. Cubist Systematic Strategies LLC now owns 49,062 shares of the biotechnology company’s stock worth $166,000 after purchasing an additional 19,144 shares during the period. Highbridge Capital Management LLC grew its holdings in PDL BioPharma by 562.4% in the third quarter. Highbridge Capital Management LLC now owns 132,477 shares of the biotechnology company’s stock worth $449,000 after purchasing an additional 112,477 shares during the period. Allianz Asset Management GmbH grew its holdings in PDL BioPharma by 18.5% in the third quarter. Allianz Asset Management GmbH now owns 941,088 shares of the biotechnology company’s stock worth $3,191,000 after purchasing an additional 146,817 shares during the period. Finally, Mackenzie Financial Corp grew its holdings 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 valued at $17,201,000 after buying an additional 1,423,471 shares during the last quarter. Institutional investors and hedge funds own 83.38% of the company’s stock.
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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