PDL BioPharma Inc. (PDLI) Short Interest Down 14.2% in September
PDL BioPharma Inc. (NASDAQ:PDLI) was the target of a large decrease in short interest in September. As of September 15th, there was short interest totalling 6,915,394 shares, a decrease of 14.2% from the August 31st total of 8,056,058 shares. Based on an average daily volume of 1,757,505 shares, the days-to-cover ratio is presently 3.9 days. Approximately 4.5% of the shares of the company are short sold.
In related news, VP Peter S. Garcia purchased 10,000 shares of the business’s stock in a transaction on Tuesday, August 9th. The shares were acquired at an average price of $3.00 per share, for a total transaction of $30,000.00. Following the purchase, the vice president now owns 232,092 shares of the company’s stock, valued at approximately $696,276. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.10% of the company’s stock.
Several institutional investors have recently made changes to their positions in PDLI. Renaissance Technologies LLC boosted 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 worth $42,372,000 after buying an additional 2,378,795 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of PDL BioPharma by 5.2% in the second quarter. Vanguard Group Inc. now owns 11,399,443 shares of the company’s stock worth $35,794,000 after buying an additional 561,405 shares during the last quarter. Acadian Asset Management LLC boosted 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 worth $19,578,000 after buying an additional 156,534 shares during the last quarter. BlackRock Fund Advisors boosted its position in shares of PDL BioPharma by 1.5% in the second quarter. BlackRock Fund Advisors now owns 5,996,693 shares of the company’s stock worth $18,830,000 after buying an additional 86,207 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its position in shares of PDL BioPharma by 5.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 5,173,024 shares of the company’s stock worth $16,243,000 after buying an additional 250,137 shares during the last quarter. 75.22% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have issued reports on the stock. Zacks Investment Research upgraded shares of PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.00 price target on the stock in a research note on Thursday, August 25th. Cowen and Company reaffirmed a “hold” rating and issued a $3.50 price objective on shares of PDL BioPharma in a report on Sunday, August 7th.
Shares of PDL BioPharma (NASDAQ:PDLI) opened at 3.31 on Thursday. The stock has a market capitalization of $547.94 million, a P/E ratio of 2.35 and a beta of 0.78. PDL BioPharma has a 12-month low of $2.58 and a 12-month high of $5.35. The stock has a 50 day moving average of $3.03 and a 200 day moving average of $3.24.
PDL BioPharma (NASDAQ:PDLI) last announced its earnings results on Thursday, August 4th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The business had revenue of $21 million for the quarter, compared to analysts’ expectations of $33.46 million. PDL BioPharma had a net margin of 53.90% and a return on equity of 38.94%. The company’s quarterly revenue was down 84.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.47 EPS. Equities research analysts anticipate that PDL BioPharma will post $0.51 EPS for the current fiscal year.
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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