Cowen Reiterates Hold Rating for PDL BioPharma (PDLI)

Share on StockTwits

Cowen reissued their hold rating on shares of PDL BioPharma (NASDAQ:PDLI) in a research report report published on Tuesday. They currently have a $3.00 price objective on the biotechnology company’s stock.

PDLI has been the topic of several other research reports. Zacks Investment Research lowered shares of PDL BioPharma from a hold rating to a sell rating in a report on Tuesday, July 24th. BidaskClub upgraded shares of PDL BioPharma from a sell rating to a hold rating in a report on Friday, October 5th. TheStreet lowered shares of PDL BioPharma from a c- rating to a d+ rating in a report on Friday, August 17th. Finally, ValuEngine lowered shares of PDL BioPharma from a buy rating to a hold rating in a report on Thursday, August 23rd. One equities research analyst has rated the stock with a sell rating and three have issued a hold rating to the company. The stock has a consensus rating of Hold and an average target price of $3.25.

PDLI stock opened at $2.46 on Tuesday. The firm has a market capitalization of $360.59 million, a P/E ratio of 3.90 and a beta of 0.30. The company has a current ratio of 11.13, a quick ratio of 10.80 and a debt-to-equity ratio of 0.17. PDL BioPharma has a 12-month low of $2.25 and a 12-month high of $3.18.

PDL BioPharma (NASDAQ:PDLI) last released its earnings results on Wednesday, August 8th. The biotechnology company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.04. The business had revenue of $46.58 million for the quarter. PDL BioPharma had a negative net margin of 31.33% and a positive return on equity of 8.92%. Equities analysts anticipate that PDL BioPharma will post -0.6 earnings per share for the current fiscal year.

PDL BioPharma declared that its Board of Directors has authorized a stock repurchase plan on Monday, September 24th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the biotechnology company to reacquire up to 27.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Systematic Financial Management LP increased its position in shares of PDL BioPharma by 21.7% during the third quarter. Systematic Financial Management LP now owns 603,460 shares of the biotechnology company’s stock worth $1,587,000 after acquiring an additional 107,610 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its position in shares of PDL BioPharma by 26.0% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 1,161,800 shares of the biotechnology company’s stock worth $3,056,000 after acquiring an additional 240,100 shares in the last quarter. Meeder Asset Management Inc. increased its position in shares of PDL BioPharma by 76.9% during the third quarter. Meeder Asset Management Inc. now owns 57,350 shares of the biotechnology company’s stock worth $151,000 after acquiring an additional 24,925 shares in the last quarter. United Services Automobile Association increased its position in shares of PDL BioPharma by 47.3% during the second quarter. United Services Automobile Association now owns 68,212 shares of the biotechnology company’s stock worth $160,000 after acquiring an additional 21,899 shares in the last quarter. Finally, MetLife Investment Advisors LLC increased its position in shares of PDL BioPharma by 81.3% during the second quarter. MetLife Investment Advisors LLC now owns 76,001 shares of the biotechnology company’s stock worth $178,000 after acquiring an additional 34,078 shares in the last quarter. Hedge funds and other institutional investors own 86.95% of the company’s stock.

About PDL BioPharma

PDL BioPharma, Inc acquires and manages companies, products, royalty agreements, and debt facilities in the biotechnology, pharmaceutical, and medical device industries in the United States, Europe, and internationally. The company operates in three segments: Income Generating Assets, Pharmaceutical, and Medical Devices.

Featured Article: NASDAQ

Receive News & Ratings for PDL BioPharma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PDL BioPharma and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply