PDL BioPharma Inc. (NASDAQ:PDLI) has been assigned a consensus broker rating score of 3.00 (Hold) from the two brokers that provide coverage for the company, Zacks Investment Research reports. Two equities research analysts have rated the stock with a hold recommendation.
Analysts have set a 1-year consensus price objective of $3.75 for the company and are predicting that the company will post $0.14 earnings per share for the current quarter, according to Zacks. Zacks has also given PDL BioPharma an industry rank of 107 out of 265 based on the ratings given to its competitors.
PDLI has been the topic of several research analyst reports. Zacks Investment Research raised PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.00 target price on the stock in a research report on Thursday, August 25th. Cowen and Company restated a “hold” rating and set a $3.50 price target on shares of PDL BioPharma in a research note on Sunday, August 7th.
In other news, VP Peter S. Garcia purchased 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 9th. The shares were purchased at an average price of $3.00 per share, for a total transaction of $30,000.00. Following the purchase, the vice president now directly owns 232,092 shares of the company’s stock, valued at approximately $696,276. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its position in shares of PDL BioPharma by 23.0% in the first quarter. Renaissance Technologies LLC now owns 12,724,354 shares of the company’s stock valued at $42,372,000 after buying an additional 2,378,795 shares during the period. Acadian Asset Management LLC increased its position in shares of PDL BioPharma by 2.6% in the second quarter. Acadian Asset Management LLC now owns 6,235,824 shares of the company’s stock valued at $19,578,000 after buying an additional 156,534 shares during the period. Prudential Financial Inc. increased its position in shares of PDL BioPharma by 1,394.1% in the first quarter. Prudential Financial Inc. now owns 728,564 shares of the company’s stock valued at $2,426,000 after buying an additional 679,800 shares during the period. Bayesian Capital Management LP bought a new position in shares of PDL BioPharma during the first quarter valued at $124,000. Finally, Creative Planning increased its position in shares of PDL BioPharma by 18.7% in the second quarter. Creative Planning now owns 42,850 shares of the company’s stock valued at $135,000 after buying an additional 6,750 shares during the period. Hedge funds and other institutional investors own 75.22% of the company’s stock.
Shares of PDL BioPharma (NASDAQ:PDLI) opened at 3.21 on Wednesday. PDL BioPharma has a 52 week low of $2.58 and a 52 week high of $5.35. The stock’s 50 day moving average price is $3.12 and its 200-day moving average price is $3.25. The stock has a market cap of $531.38 million, a price-to-earnings ratio of 2.28 and a beta of 0.71.
PDL BioPharma (NASDAQ:PDLI) last issued its earnings results on Thursday, August 4th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. PDL BioPharma had a return on equity of 38.94% and a net margin of 53.90%. The business had revenue of $21 million for the quarter, compared to analyst estimates of $33.46 million. During the same quarter last year, the company earned $0.47 EPS. The business’s quarterly revenue was down 84.8% on a year-over-year basis. Equities analysts anticipate that PDL BioPharma will post $0.51 earnings per share for the current fiscal year.
PDL BioPharma Company Profile
PDL BioPharma, Inc, formerly Protein Design Labs, Inc, manages a portfolio of patents and royalty assets, consisting of its Queen et al. patents, license agreements with various biotechnology and pharmaceutical companies, and royalty and other assets acquired. The Company provides non-dilutive growth capital and financing solutions to late-stage public and private healthcare companies and offers immediate financial monetization of royalty streams to companies, academic institutions and inventors.
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