Numeric Investors LLC lowered its stake in shares of PDL BioPharma, Inc. (NASDAQ:PDLI) by 29.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,250,840 shares of the biotechnology company’s stock after selling 531,600 shares during the quarter. Numeric Investors LLC owned approximately 0.81% of PDL BioPharma worth $3,090,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Eqis Capital Management Inc. boosted its holdings in PDL BioPharma by 0.5% in the second quarter. Eqis Capital Management Inc. now owns 232,933 shares of the biotechnology company’s stock worth $575,000 after purchasing an additional 1,125 shares during the period. Systematic Financial Management LP boosted its holdings in PDL BioPharma by 0.4% in the second quarter. Systematic Financial Management LP now owns 714,640 shares of the biotechnology company’s stock worth $1,765,000 after purchasing an additional 2,585 shares during the period. Nationwide Fund Advisors boosted its holdings in PDL BioPharma by 4.7% in the second quarter. Nationwide Fund Advisors now owns 109,961 shares of the biotechnology company’s stock worth $272,000 after purchasing an additional 4,900 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in PDL BioPharma by 15.3% in the first quarter. Public Employees Retirement System of Ohio now owns 55,423 shares of the biotechnology company’s stock worth $126,000 after purchasing an additional 7,336 shares during the period. Finally, Airain ltd boosted its holdings in PDL BioPharma by 21.0% in the second quarter. Airain ltd now owns 56,911 shares of the biotechnology company’s stock worth $141,000 after purchasing an additional 9,893 shares during the period. 83.35% of the stock is owned by institutional investors and hedge funds.

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PDLI has been the subject of a number of research reports. ValuEngine downgraded shares of PDL BioPharma from a “buy” rating to a “hold” rating in a report on Wednesday, September 6th. BidaskClub downgraded shares of PDL BioPharma from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Zacks Investment Research raised shares of PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.00 price objective for the company in a report on Wednesday, August 16th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $4.00 price objective on shares of PDL BioPharma in a report on Thursday, August 10th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $3.50.

PDL BioPharma, Inc. (PDLI) opened at 3.41 on Friday. The firm has a market cap of $525.41 million, a P/E ratio of 7.84 and a beta of 0.49. The firm has a 50-day moving average of $3.15 and a 200-day moving average of $2.53. PDL BioPharma, Inc. has a 12-month low of $1.93 and a 12-month high of $3.77.

PDL BioPharma (NASDAQ:PDLI) last released its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.17. The business had revenue of $143.80 million for the quarter, compared to analysts’ expectations of $56.30 million. PDL BioPharma had a return on equity of 9.07% and a net margin of 23.03%. PDL BioPharma’s quarterly revenue was up 584.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.09 earnings per share. On average, analysts expect that PDL BioPharma, Inc. will post $0.61 EPS for the current year.

PDL BioPharma announced that its board has initiated a share repurchase plan on Monday, September 25th that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the biotechnology company to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

PDL BioPharma Company Profile

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

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