PDL BioPharma Inc (PDLI) Shares Bought by BNP Paribas Arbitrage SA
BNP Paribas Arbitrage SA boosted its holdings in PDL BioPharma Inc (NASDAQ:PDLI) by 141.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 53,584 shares of the biotechnology company’s stock after buying an additional 31,418 shares during the period. BNP Paribas Arbitrage SA’s holdings in PDL BioPharma were worth $182,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of PDLI. Airain ltd lifted its stake in shares of PDL BioPharma by 21.0% in the 2nd quarter. Airain ltd now owns 56,911 shares of the biotechnology company’s stock valued at $141,000 after purchasing an additional 9,893 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of PDL BioPharma by 18.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 65,612 shares of the biotechnology company’s stock valued at $162,000 after purchasing an additional 10,189 shares in the last quarter. Voya Investment Management LLC lifted its stake in shares of PDL BioPharma by 15.7% in the 2nd quarter. Voya Investment Management LLC now owns 82,612 shares of the biotechnology company’s stock valued at $204,000 after purchasing an additional 11,235 shares in the last quarter. Nine Chapters Capital Management LLC lifted its stake in shares of PDL BioPharma by 182.1% in the 3rd quarter. Nine Chapters Capital Management LLC now owns 105,500 shares of the biotechnology company’s stock valued at $358,000 after purchasing an additional 68,100 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of PDL BioPharma by 89.4% in the 2nd quarter. Principal Financial Group Inc. now owns 106,800 shares of the biotechnology company’s stock valued at $264,000 after purchasing an additional 50,420 shares in the last quarter. 88.44% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have recently weighed in on PDLI shares. ValuEngine lowered PDL BioPharma from a “buy” rating to a “hold” rating in a research note on Wednesday, September 6th. Cowen reaffirmed a “hold” rating and issued a $3.00 price objective on shares of PDL BioPharma in a research note on Friday, October 27th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $3.33.
PDL BioPharma (NASDAQ:PDLI) last released its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.01. The business had revenue of $62.75 million for the quarter, compared to analyst estimates of $61.86 million. PDL BioPharma had a return on equity of 9.20% and a net margin of 24.51%. The company’s revenue was up 17.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.08 EPS. sell-side analysts anticipate that PDL BioPharma Inc will post 0.67 earnings per share for the current fiscal year.
PDL BioPharma declared that its board has approved a stock repurchase program on Monday, September 25th that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the biotechnology company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
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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