PDL BioPharma (PDLI) Issues Quarterly Earnings Results

PDL BioPharma (NASDAQ:PDLI) released its earnings results on Tuesday. The biotechnology company reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07, Morningstar.com reports. PDL BioPharma had a positive return on equity of 8.92% and a negative net margin of 31.33%. The firm had revenue of $67.90 million during the quarter.

Shares of PDLI traded up $0.44 during trading hours on Wednesday, reaching $2.90. The stock had a trading volume of 5,463,887 shares, compared to its average volume of 1,472,927. PDL BioPharma has a 12 month low of $2.25 and a 12 month high of $3.16. The stock has a market capitalization of $360.59 million, a price-to-earnings ratio of 4.60 and a beta of 0.30. The company has a debt-to-equity ratio of 0.17, a quick ratio of 10.80 and a current ratio of 11.13.

PDL BioPharma declared that its Board of Directors has approved a share buyback plan on Monday, September 24th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the biotechnology company to purchase up to 27.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

A number of brokerages have recently commented on PDLI. TheStreet cut PDL BioPharma from a “c-” rating to a “d+” rating in a research note on Friday, August 17th. BidaskClub upgraded PDL BioPharma from a “strong sell” rating to a “sell” rating in a research note on Friday, September 21st. ValuEngine cut PDL BioPharma from a “buy” rating to a “hold” rating in a research note on Thursday, August 23rd. Cowen reiterated a “hold” rating and issued a $3.00 price target on shares of PDL BioPharma in a research note on Tuesday. Finally, Zacks Investment Research cut PDL BioPharma from a “hold” rating to a “sell” rating in a research note on Tuesday, July 24th. One investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. PDL BioPharma currently has a consensus rating of “Hold” and a consensus price target of $3.25.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its stake in shares of PDL BioPharma by 8.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 12,514,490 shares of the biotechnology company’s stock valued at $29,284,000 after acquiring an additional 996,690 shares during the last quarter. Renaissance Technologies LLC increased its holdings in PDL BioPharma by 0.4% in the second quarter. Renaissance Technologies LLC now owns 9,688,354 shares of the biotechnology company’s stock valued at $22,671,000 after purchasing an additional 39,500 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in PDL BioPharma by 18.5% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,677,647 shares of the biotechnology company’s stock valued at $13,286,000 after purchasing an additional 887,945 shares during the period. Schwab Charles Investment Management Inc. increased its holdings in PDL BioPharma by 4.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 3,575,598 shares of the biotechnology company’s stock valued at $8,367,000 after purchasing an additional 142,413 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ increased its holdings in PDL BioPharma by 26.0% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 1,161,800 shares of the biotechnology company’s stock valued at $3,056,000 after purchasing an additional 240,100 shares during the period. Institutional investors own 86.95% of the company’s stock.

TRADEMARK VIOLATION NOTICE: “PDL BioPharma (PDLI) Issues Quarterly Earnings Results” was first published by WKRB News and is owned by of WKRB News. If you are accessing this piece on another domain, it was illegally stolen and reposted in violation of United States & international trademark & copyright laws. The original version of this piece can be accessed at https://www.wkrb13.com/2018/11/07/pdl-biopharma-pdli-issues-quarterly-earnings-results.html.

PDL BioPharma Company Profile

PDL BioPharma, Inc acquires and manages companies, products, royalty agreements, and debt facilities in the biotechnology, pharmaceutical, and medical device industries in the United States, Europe, and internationally. The company operates in three segments: Income Generating Assets, Pharmaceutical, and Medical Devices.

Recommended Story: Growth Stocks

Earnings History for PDL BioPharma (NASDAQ:PDLI)

Receive News & Ratings for PDL BioPharma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PDL BioPharma and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply