PDL BioPharma Inc. (NASDAQ:PDLI) was the target of a large decline in short interest in September. As of September 15th, there was short interest totalling 6,915,394 shares, a decline of 14.2% from the August 31st total of 8,056,058 shares. Based on an average daily trading volume, of 1,757,505 shares, the short-interest ratio is presently 3.9 days. Currently, 4.5% of the company’s stock are sold short.
Shares of PDL BioPharma (NASDAQ:PDLI) opened at 3.31 on Thursday. The firm’s 50-day moving average price is $3.09 and its 200-day moving average price is $3.25. PDL BioPharma has a one year low of $2.58 and a one year high of $5.35. The company has a market capitalization of $547.94 million, a price-to-earnings ratio of 2.35 and a beta of 0.71.
PDL BioPharma (NASDAQ:PDLI) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the Zacks’ 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 firm had revenue of $21 million for the quarter, compared to analysts’ expectations of $33.46 million. During the same period last year, the firm earned $0.47 earnings per share. The company’s revenue for the quarter was down 84.8% compared to the same quarter last year. Analysts anticipate that PDL BioPharma will post $0.51 earnings per share for the current year.
In other news, VP Peter S. Garcia bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The stock was acquired at an average cost of $3.00 per share, with a total value of $30,000.00. Following the transaction, the vice president now directly owns 232,092 shares of the company’s stock, valued at approximately $696,276. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.10% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Aperio Group LLC boosted its position in shares of PDL BioPharma by 118.4% in the first quarter. Aperio Group LLC now owns 491,033 shares of the company’s stock worth $1,635,000 after buying an additional 266,173 shares during the period. CIBC World Markets Inc. boosted its position in shares of PDL BioPharma by 44.9% in the first quarter. CIBC World Markets Inc. now owns 52,170 shares of the company’s stock worth $174,000 after buying an additional 16,175 shares during the period. Prudential Financial Inc. boosted 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 worth $2,426,000 after buying an additional 679,800 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in shares of PDL BioPharma by 5.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,922,887 shares of the company’s stock worth $16,393,000 after buying an additional 238,586 shares during the period. Finally, Acrospire Investment Management LLC bought a new position in shares of PDL BioPharma during the first quarter worth about $303,000. 75.22% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts recently commented on the company. Zacks Investment Research raised PDL BioPharma from a “sell” rating to a “hold” rating in a research report on Tuesday, June 28th. Cowen and Company reaffirmed a “hold” rating and issued a $3.50 target price on shares of PDL BioPharma in a research report on Sunday, August 7th.
About PDL BioPharma
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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