ValuEngine Upgrades PDL BioPharma, Inc. (PDLI) to Buy

PDL BioPharma, Inc. (NASDAQ:PDLI) was upgraded by investment analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, August 4th.

PDLI has been the subject of several other reports. BidaskClub cut shares of PDL BioPharma from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Zacks Investment Research raised shares of PDL BioPharma from a “sell” rating to a “hold” rating in a research report on Monday, May 15th. Finally, Cowen and Company reaffirmed a “hold” rating on shares of PDL BioPharma in a research report on Wednesday, May 3rd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $3.50.

PDL BioPharma (NASDAQ PDLI) traded down 0.37% during midday trading on Friday, reaching $2.72. The company had a trading volume of 1,918,978 shares. PDL BioPharma has a 12-month low of $1.93 and a 12-month high of $3.77. The stock has a 50-day moving average price of $2.47 and a 200 day moving average price of $2.30. The company has a market capitalization of $419.10 million, a PE ratio of 6.25 and a beta of 0.58.

PDL BioPharma (NASDAQ:PDLI) last released its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.17. The company had revenue of $143.80 million during the quarter, compared to analysts’ expectations of $56.30 million. PDL BioPharma had a net margin of 23.03% and a return on equity of 9.07%. The firm’s quarterly revenue was up 584.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.09 EPS. Equities analysts forecast that PDL BioPharma will post $0.61 EPS for the current year.

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Hedge funds and other institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio raised its position in shares of PDL BioPharma by 18.4% in the second quarter. Public Employees Retirement System of Ohio now owns 65,612 shares of the biotechnology company’s stock worth $162,000 after buying an additional 10,189 shares during the last quarter. Sterling Capital Management LLC bought a new position in shares of PDL BioPharma during the second quarter worth about $853,000. Nomura Holdings Inc. raised its position in shares of PDL BioPharma by 2.2% in the second quarter. Nomura Holdings Inc. now owns 777,413 shares of the biotechnology company’s stock worth $1,925,000 after buying an additional 17,073 shares during the last quarter. State Street Corp raised its position in shares of PDL BioPharma by 14.4% in the second quarter. State Street Corp now owns 5,042,207 shares of the biotechnology company’s stock worth $12,457,000 after buying an additional 632,995 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of PDL BioPharma by 6.0% in the second quarter. Goldman Sachs Group Inc. now owns 1,041,308 shares of the biotechnology company’s stock worth $2,572,000 after buying an additional 59,311 shares during the last quarter. Hedge funds and other institutional investors own 87.72% of the company’s stock.

About PDL BioPharma

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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