Bank of New York Mellon Corp trimmed its holdings in PDL BioPharma Inc (NASDAQ:PDLI) by 45.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 723,114 shares of the biotechnology company’s stock after selling 595,531 shares during the period. Bank of New York Mellon Corp’s holdings in PDL BioPharma were worth $2,097,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in shares of PDL BioPharma by 83.9% during the third quarter. JPMorgan Chase & Co. now owns 254,196 shares of the biotechnology company’s stock worth $669,000 after purchasing an additional 115,956 shares during the last quarter. FMR LLC bought a new stake in PDL BioPharma in the third quarter valued at approximately $2,342,000. Dimensional Fund Advisors LP boosted its holdings in PDL BioPharma by 0.8% in the third quarter. Dimensional Fund Advisors LP now owns 12,613,444 shares of the biotechnology company’s stock valued at $33,173,000 after acquiring an additional 98,954 shares during the last quarter. Paloma Partners Management Co bought a new stake in PDL BioPharma in the third quarter valued at approximately $536,000. Finally, MetLife Investment Advisors LLC boosted its holdings in PDL BioPharma by 46.7% in the third quarter. MetLife Investment Advisors LLC now owns 111,508 shares of the biotechnology company’s stock valued at $293,000 after acquiring an additional 35,507 shares during the last quarter. Hedge funds and other institutional investors own 93.10% of the company’s stock.

PDLI has been the topic of several analyst reports. ValuEngine upgraded PDL BioPharma from a “hold” rating to a “buy” rating in a report on Tuesday, March 12th. BidaskClub upgraded PDL BioPharma from a “hold” rating to a “buy” rating in a report on Friday, January 4th. TheStreet upgraded PDL BioPharma from a “d+” rating to a “c-” rating in a report on Wednesday, February 6th. Finally, Zacks Investment Research upgraded PDL BioPharma from a “sell” rating to a “hold” rating in a report on Tuesday, January 15th. Two analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. PDL BioPharma presently has a consensus rating of “Buy” and an average price target of $3.00.

Shares of PDLI stock opened at $3.58 on Monday. PDL BioPharma Inc has a one year low of $2.25 and a one year high of $3.89. The company has a market capitalization of $458.63 million, a P/E ratio of 9.68 and a beta of 0.59. The company has a current ratio of 9.86, a quick ratio of 9.50 and a debt-to-equity ratio of 0.17.

PDL BioPharma (NASDAQ:PDLI) last announced its earnings results on Thursday, March 14th. The biotechnology company reported $0.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.02. PDL BioPharma had a positive return on equity of 6.76% and a negative net margin of 34.76%. The business had revenue of $45.12 million for the quarter. During the same quarter in the previous year, the company earned $0.15 earnings per share. As a group, sell-side analysts anticipate that PDL BioPharma Inc will post 0.25 EPS for the current fiscal year.

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About PDL BioPharma

PDL BioPharma, Inc acquires, manages, and commercializes commercial stage pharmaceutical assets and late clinical stage pharmaceutical products in the United States, Europe, and internationally. The company operates in three segments: Pharmaceutical, Medical Devices, and Income Generating Assets. The Pharmaceutical segment manufactures, markets, and sells prescription medicine products for the treatment of hypertension to wholesalers under the Tekturna and Tekturna HCT names in the United States, as well as under the Rasilez and Rasilez HCT names internationally.

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

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