Mckinley Capital Management LLC Delaware continued to hold its stake in PDL BioPharma, Inc. (NASDAQ:PDLI) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 323,608 shares of the biotechnology company’s stock at the close of the 2nd quarter. Mckinley Capital Management LLC Delaware owned about 0.21% of PDL BioPharma worth $799,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in shares of PDL BioPharma by 30.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,428,030 shares of the biotechnology company’s stock worth $18,348,000 after purchasing an additional 1,744,380 shares in the last quarter. Kestrel Investment Management Corp bought a new position in shares of PDL BioPharma during the 2nd quarter worth about $4,293,000. Brandes Investment Partners LP boosted its position in shares of PDL BioPharma by 1,790.3% during the 2nd quarter. Brandes Investment Partners LP now owns 1,107,310 shares of the biotechnology company’s stock worth $2,879,000 after purchasing an additional 1,048,732 shares in the last quarter. Thrivent Financial For Lutherans bought a new position in shares of PDL BioPharma during the 1st quarter worth about $2,200,000. Finally, Northern Trust Corp boosted its position in shares of PDL BioPharma by 48.7% during the 2nd quarter. Northern Trust Corp now owns 2,846,346 shares of the biotechnology company’s stock worth $7,030,000 after purchasing an additional 931,730 shares in the last quarter. 83.35% of the stock is currently owned by institutional investors and hedge funds.

PDL BioPharma, Inc. (PDLI) opened at 3.39 on Friday. The stock’s 50 day moving average is $2.87 and its 200-day moving average is $2.44. PDL BioPharma, Inc. has a 52-week low of $1.93 and a 52-week high of $3.77. The company has a market cap of $522.33 million, a PE ratio of 7.79 and a beta of 0.49.

PDL BioPharma (NASDAQ:PDLI) last announced its earnings results on Thursday, August 3rd. The biotechnology company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.17. The firm had revenue of $143.80 million for the quarter, compared to analyst estimates of $56.30 million. PDL BioPharma had a net margin of 23.03% and a return on equity of 9.07%. The company’s revenue for the quarter was up 584.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.09 EPS. Equities research analysts predict that PDL BioPharma, Inc. will post $0.61 EPS for the current fiscal year.

PDL BioPharma announced that its Board of Directors has authorized a share repurchase plan on Monday, September 25th that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the biotechnology company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

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A number of equities analysts have recently issued reports on PDLI shares. BidaskClub cut shares of PDL BioPharma from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 11th. Zacks Investment Research raised shares of PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.00 price objective on the stock in a research report on Wednesday, August 16th. Piper Jaffray Companies reissued a “buy” rating and set a $4.00 price objective on shares of PDL BioPharma in a research report on Thursday, August 10th. Finally, ValuEngine cut shares of PDL BioPharma from a “buy” rating to a “hold” rating in a research report on Wednesday, September 6th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $3.50.

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.

Institutional Ownership by Quarter for PDL BioPharma (NASDAQ:PDLI)

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