PDL BioPharma, Inc. (PDLI) Shares Sold by Legal & General Group Plc
Legal & General Group Plc trimmed its position in shares of PDL BioPharma, Inc. (NASDAQ:PDLI) by 25.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,151 shares of the biotechnology company’s stock after selling 13,549 shares during the quarter. Legal & General Group Plc’s holdings in PDL BioPharma were worth $101,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in PDLI. KBC Group NV purchased a new position in PDL BioPharma during the 1st quarter valued at about $107,000. Credit Agricole S A boosted its holdings in PDL BioPharma by 34.9% during the 1st quarter. Credit Agricole S A now owns 50,000 shares of the biotechnology company’s stock valued at $114,000 after acquiring an additional 12,942 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in PDL BioPharma by 15.3% during the 1st quarter. Public Employees Retirement System of Ohio now owns 55,423 shares of the biotechnology company’s stock valued at $126,000 after acquiring an additional 7,336 shares during the period. Two Sigma Securities LLC purchased a new position in PDL BioPharma during the 1st quarter valued at about $148,000. Finally, KCG Holdings Inc. boosted its holdings in PDL BioPharma by 42.1% during the 1st quarter. KCG Holdings Inc. now owns 72,147 shares of the biotechnology company’s stock valued at $164,000 after acquiring an additional 21,382 shares during the period. Institutional investors own 83.34% of the company’s stock.
Shares of PDL BioPharma, Inc. (PDLI) opened at 3.50 on Friday. PDL BioPharma, Inc. has a 12 month low of $1.93 and a 12 month high of $3.77. The stock’s 50 day moving average price is $3.33 and its 200 day moving average price is $2.64. The firm has a market cap of $539.28 million, a price-to-earnings ratio of 8.05 and a beta of 0.49.
PDL BioPharma (NASDAQ:PDLI) last issued its quarterly earnings results on Thursday, August 3rd. The biotechnology company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.17. The firm had revenue of $143.80 million during the quarter, compared to the consensus estimate of $56.30 million. PDL BioPharma had a return on equity of 9.07% and a net margin of 23.03%. PDL BioPharma’s revenue for the quarter was up 584.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.09 earnings per share. Equities research analysts predict that PDL BioPharma, Inc. will post $0.61 earnings per share for the current fiscal year.
PDL BioPharma declared that its board has approved a share repurchase program on Monday, September 25th that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the biotechnology company to buy shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
PDLI has been the subject of a number of research analyst reports. BidaskClub cut PDL BioPharma from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 11th. Zacks Investment Research upgraded PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.00 price objective for the company in a research note on Wednesday, August 16th. Piper Jaffray Companies reiterated a “buy” rating and issued a $4.00 price objective on shares of PDL BioPharma in a research note on Thursday, August 10th. Finally, ValuEngine cut PDL BioPharma from a “buy” rating to a “hold” rating in a research note on Wednesday, September 6th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $3.50.
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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.
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