PDL BioPharma’s (PDLI) Hold Rating Reiterated at Cowen and Company
Cowen and Company restated their hold rating on shares of PDL BioPharma, Inc. (NASDAQ:PDLI) in a report published on Friday. The brokerage currently has a $3.00 price objective on the biotechnology company’s stock.
A number of other equities research analysts have also recently issued reports on PDLI. BidaskClub cut shares of PDL BioPharma from a strong-buy rating to a buy rating in a report on Tuesday, July 11th. ValuEngine raised shares of PDL BioPharma from a hold rating to a buy rating in a report on Friday, August 4th. Piper Jaffray Companies reissued a buy rating and set a $4.00 target price on shares of PDL BioPharma in a report on Thursday, August 10th. Finally, Zacks Investment Research raised shares of PDL BioPharma from a hold rating to a buy rating and set a $3.00 target price on the stock in a report on Wednesday, August 16th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has an average rating of Buy and an average target price of $3.33.
Shares of PDL BioPharma (NASDAQ:PDLI) opened at 2.96 on Friday. The firm has a market cap of $456.08 million, a P/E ratio of 6.80 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 company’s 50-day moving average price is $3.34 and its 200-day moving average price is $2.69.
PDL BioPharma (NASDAQ:PDLI) last issued its earnings results on Thursday, August 3rd. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.17. PDL BioPharma had a net margin of 23.03% and a return on equity of 9.07%. The business had revenue of $143.80 million for the quarter, compared to analysts’ expectations of $56.30 million. During the same quarter in the previous year, the firm posted $0.09 EPS. The business’s revenue for the quarter was up 584.8% compared to the same quarter last year. On average, analysts predict that PDL BioPharma will post $0.61 EPS for the current year.
PDL BioPharma declared that its board has approved a share repurchase plan on Monday, September 25th that permits the company to buyback $25.00 million in shares. This buyback authorization permits the biotechnology company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Shell Asset Management Co. grew its position in shares of PDL BioPharma by 53.0% during the 3rd quarter. Shell Asset Management Co. now owns 242,091 shares of the biotechnology company’s stock valued at $1,808,000 after purchasing an additional 83,825 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in shares of PDL BioPharma by 18.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 65,612 shares of the biotechnology company’s stock valued at $162,000 after purchasing an additional 10,189 shares in the last quarter. Sterling Capital Management LLC purchased a new position in shares of PDL BioPharma during the 2nd quarter valued at $853,000. Nomura Holdings Inc. grew its position in shares of PDL BioPharma by 2.2% during the 2nd quarter. Nomura Holdings Inc. now owns 777,413 shares of the biotechnology company’s stock valued at $1,925,000 after purchasing an additional 17,073 shares in the last quarter. Finally, State Street Corp grew its position in shares of PDL BioPharma by 14.4% during the 2nd quarter. State Street Corp now owns 5,042,207 shares of the biotechnology company’s stock valued at $12,457,000 after purchasing an additional 632,995 shares in the last quarter. Hedge funds and other institutional investors own 83.52% of the company’s stock.
PDL BioPharma Company Profile
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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