PDL BioPharma (NASDAQ:PDLI) Cut to “Hold” at ValuEngine

ValuEngine downgraded shares of PDL BioPharma (NASDAQ:PDLI) from a buy rating to a hold rating in a report issued on Thursday, ValuEngine reports.

Several other equities research analysts also recently weighed in on the company. Zacks Investment Research upgraded PDL BioPharma from a sell rating to a hold rating and set a $3.25 price target on the stock in a report on Wednesday, May 29th. Cowen set a $3.00 price target on PDL BioPharma and gave the stock a hold rating in a report on Wednesday, August 7th. Finally, BidaskClub downgraded PDL BioPharma from a hold rating to a sell rating in a report on Saturday, August 3rd. One investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. The company has an average rating of Hold and a consensus price target of $3.13.

Shares of NASDAQ PDLI opened at $2.56 on Thursday. The stock’s 50-day moving average is $2.99 and its two-hundred day moving average is $3.26. The company has a debt-to-equity ratio of 0.19, a current ratio of 10.43 and a quick ratio of 10.67. PDL BioPharma has a 1-year low of $2.25 and a 1-year high of $3.89. The company has a market cap of $291.22 million, a price-to-earnings ratio of 7.50 and a beta of 0.66.

PDL BioPharma (NASDAQ:PDLI) last issued its quarterly earnings results on Wednesday, August 7th. The biotechnology company reported $0.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.05. PDL BioPharma had a positive return on equity of 6.61% and a negative net margin of 32.13%. The company had revenue of ($22.53) million for the quarter. Equities research analysts anticipate that PDL BioPharma will post 0.12 earnings per share for the current fiscal year.

In other PDL BioPharma news, major shareholder Pdl Biopharma, Inc. acquired 6,666,667 shares of the stock in a transaction dated Monday, June 10th. The stock was acquired at an average cost of $4.50 per share, with a total value of $30,000,001.50. Following the transaction, the insider now owns 13,333,334 shares in the company, valued at approximately $60,000,003. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.20% of the company’s stock.

Several large investors have recently added to or reduced their stakes in PDLI. Marshall Wace LLP boosted its position in shares of PDL BioPharma by 1,058.4% during the 2nd quarter. Marshall Wace LLP now owns 498,199 shares of the biotechnology company’s stock worth $1,564,000 after acquiring an additional 455,193 shares in the last quarter. Chicago Equity Partners LLC boosted its position in shares of PDL BioPharma by 424.3% during the 2nd quarter. Chicago Equity Partners LLC now owns 546,487 shares of the biotechnology company’s stock worth $1,716,000 after acquiring an additional 442,247 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of PDL BioPharma by 5.9% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,674,141 shares of the biotechnology company’s stock worth $11,537,000 after acquiring an additional 204,999 shares in the last quarter. Paloma Partners Management Co acquired a new position in shares of PDL BioPharma during the 2nd quarter worth about $632,000. Finally, Crestline Management LP acquired a new position in shares of PDL BioPharma during the 2nd quarter worth about $471,000. 97.09% of the stock is owned by institutional investors and hedge funds.

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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