PDL BioPharma, Inc. (PDLI) Upgraded to “Buy” by ValuEngine
ValuEngine upgraded shares of PDL BioPharma, Inc. (NASDAQ:PDLI) from a hold rating to a buy rating in a research note released on Monday morning.
Other equities research analysts also recently issued research reports about the company. Piper Jaffray Companies reaffirmed a buy rating and issued a $4.00 price objective on shares of PDL BioPharma in a research report on Thursday, August 10th. BidaskClub downgraded PDL BioPharma from a strong-buy rating to a buy rating in a research report on Tuesday, July 11th. Finally, Zacks Investment Research raised PDL BioPharma from a hold rating to a buy rating and set a $3.00 price target for the company in a research report on Wednesday, August 16th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. PDL BioPharma has a consensus rating of Buy and a consensus price target of $3.50.
PDL BioPharma (NASDAQ PDLI) traded up 0.29% during trading on Monday, reaching $3.42. The company had a trading volume of 716,325 shares. The company has a market capitalization of $526.95 million, a P/E ratio of 7.86 and a beta of 0.49. PDL BioPharma has a 12 month low of $1.93 and a 12 month high of $3.77. The firm’s 50 day moving average is $3.15 and its 200-day moving average is $2.53.
PDL BioPharma (NASDAQ:PDLI) last announced its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported $0.26 EPS for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.17. The business had revenue of $143.80 million during the quarter, compared to the consensus estimate of $56.30 million. PDL BioPharma had a return on equity of 9.07% and a net margin of 23.03%. The business’s revenue for the quarter was up 584.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.09 earnings per share. On average, equities analysts expect that PDL BioPharma will post $0.61 earnings per share for the current year.
PDL BioPharma announced that its board has initiated a share buyback plan on Monday, September 25th that permits the company to buyback $25.00 million in shares. This buyback authorization permits the biotechnology company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
A number of hedge funds have recently bought and sold shares of PDLI. Dimensional Fund Advisors LP grew its position in PDL BioPharma by 30.7% during the second quarter. Dimensional Fund Advisors LP now owns 7,428,030 shares of the biotechnology company’s stock valued at $18,348,000 after acquiring an additional 1,744,380 shares during the period. Kestrel Investment Management Corp purchased a new stake in PDL BioPharma during the second quarter valued at about $4,293,000. Brandes Investment Partners LP grew its position in PDL BioPharma by 1,790.3% during the second quarter. Brandes Investment Partners LP now owns 1,107,310 shares of the biotechnology company’s stock valued at $2,879,000 after acquiring an additional 1,048,732 shares during the period. Thrivent Financial For Lutherans purchased a new stake in PDL BioPharma during the first quarter valued at about $2,200,000. Finally, Northern Trust Corp grew its position in PDL BioPharma by 48.7% during the second quarter. Northern Trust Corp now owns 2,846,346 shares of the biotechnology company’s stock valued at $7,030,000 after acquiring an additional 931,730 shares during the period. 83.35% of the stock is owned by hedge funds and other institutional investors.
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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