Mackenzie Financial Corp Raises Holdings in PDL BioPharma, Inc. (PDLI)
Mackenzie Financial Corp grew its stake in shares of PDL BioPharma, Inc. (NASDAQ:PDLI) by 39.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,074,015 shares of the biotechnology company’s stock after purchasing an additional 1,423,471 shares during the quarter. Mackenzie Financial Corp owned approximately 3.29% of PDL BioPharma worth $17,201,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in PDLI. Public Employees Retirement System of Ohio lifted 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 acquiring an additional 7,336 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in PDL BioPharma in the third quarter worth $131,000. Airain ltd lifted 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 acquiring an additional 9,893 shares during the period. BNP Paribas Arbitrage SA lifted 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 acquiring an additional 31,418 shares during the period. Finally, Voya Investment Management LLC lifted 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 acquiring an additional 11,235 shares during the period. 88.44% of the stock is owned by hedge funds and other institutional investors.
PDL BioPharma, Inc. (NASDAQ:PDLI) opened at $2.93 on Thursday. The company has a quick ratio of 3.10, a current ratio of 3.16 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $452.21, a price-to-earnings ratio of 6.10 and a beta of 0.45. PDL BioPharma, Inc. has a twelve month low of $1.93 and a twelve month high of $3.55.
PDL BioPharma declared that its board has initiated a share repurchase program on Monday, September 25th that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the biotechnology company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
A number of brokerages recently commented on PDLI. ValuEngine raised PDL BioPharma from a “hold” rating to a “buy” rating in a research note on Saturday, November 25th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $4.00 price target on shares of PDL BioPharma in a research note on Thursday, August 10th. Cowen reiterated a “hold” rating and issued a $3.00 price objective on shares of PDL BioPharma in a report on Friday, October 27th. BidaskClub upgraded PDL BioPharma from a “sell” rating to a “hold” rating in a report on Friday, August 11th. Finally, 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 report on Wednesday, August 16th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $3.33.
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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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