PDL BioPharma, Inc. (PDLI) Shares Sold by Advisors Asset Management Inc.
Advisors Asset Management Inc. trimmed its stake in PDL BioPharma, Inc. (NASDAQ:PDLI) by 29.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 116,964 shares of the biotechnology company’s stock after selling 49,669 shares during the period. Advisors Asset Management Inc. owned approximately 0.08% of PDL BioPharma worth $397,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of PDLI. BNP Paribas Arbitrage SA boosted its stake in PDL BioPharma by 141.7% in the third quarter. BNP Paribas Arbitrage SA now owns 53,584 shares of the biotechnology company’s stock worth $182,000 after buying an additional 31,418 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in PDL BioPharma by 15.3% in the first quarter. Public Employees Retirement System of Ohio now owns 55,423 shares of the biotechnology company’s stock worth $126,000 after buying an additional 7,336 shares in the last quarter. Airain ltd boosted its stake in PDL BioPharma by 21.0% in the second quarter. Airain ltd now owns 56,911 shares of the biotechnology company’s stock worth $141,000 after buying an additional 9,893 shares in the last quarter. KCG Holdings Inc. boosted its stake in PDL BioPharma by 42.1% in the first quarter. KCG Holdings Inc. now owns 72,147 shares of the biotechnology company’s stock worth $164,000 after buying an additional 21,382 shares in the last quarter. Finally, Voya Investment Management LLC boosted its stake in PDL BioPharma by 15.7% in the second quarter. Voya Investment Management LLC now owns 82,612 shares of the biotechnology company’s stock worth $204,000 after buying an additional 11,235 shares in the last quarter. Institutional investors own 88.44% of the company’s stock.
Several analysts have issued reports on PDLI shares. Zacks Investment Research raised PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.00 target price for the company in a research note on Wednesday, August 16th. BidaskClub raised PDL BioPharma from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. Cowen reaffirmed a “hold” rating and issued a $3.00 target price on shares of PDL BioPharma in a research note on Friday, October 27th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $4.00 target price on shares of PDL BioPharma in a research note on Thursday, August 10th. Finally, ValuEngine lowered 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 given a buy rating to the stock. PDL BioPharma currently has a consensus rating of “Buy” and an average target price of $3.33.
PDL BioPharma (NASDAQ:PDLI) last released its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. The firm had revenue of $62.75 million during the quarter, compared to analyst estimates of $61.86 million. PDL BioPharma had a return on equity of 9.20% and a net margin of 24.51%. The business’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.08 earnings per share. sell-side analysts forecast that PDL BioPharma, Inc. will post 0.67 EPS for the current year.
PDL BioPharma announced that its board has authorized a share repurchase plan on Monday, September 25th that authorizes the company to buyback $25.00 million in shares. This buyback authorization authorizes the biotechnology company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
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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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