PDL BioPharma Rating Reiterated by Zacks (PDLI)
PDL BioPharma (NASDAQ:PDLI)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Friday, StockRatingsNetwork.com reports. They currently have a $9.00 target price on the stock. Zacks‘ target price suggests a potential upside of 5.39% from the company’s current price.
Zacks‘ analyst wrote, “PDL BioPharma’s third quarter 2013 earnings of $0.36 per share were ahead of the year-ago earnings of $0.32 per share. The increase was attributable to higher revenues, driven by increased royalties. The addition of Roche’s Gazyva to the company’s royalty stream is encouraging. The company also acquired the rights to receive royalties and milestones on sales of type II diabetes products licensed by Depomed. However, we remain concerned about the company’s revenue stream after the U.S. patent expiration in Dec 2014 under its Queen et al. patent portfolio. We see limited upside potential from current levels and retain a Neutral recommendation on the stock.”
PDL BioPharma (NASDAQ:PDLI) traded up 0.70% during mid-day trading on Friday, hitting $8.60. The stock had a trading volume of 861,648 shares. PDL BioPharma has a 52-week low of $6.50 and a 52-week high of $10.21. The stock’s 50-day moving average is $8.69 and its 200-day moving average is $8.19. The company has a market cap of $1.204 billion and a P/E ratio of 5.06.
PDL BioPharma (NASDAQ:PDLI) last released its earnings data on Wednesday, November 6th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by $0.01. The company had revenue of $97.30 million for the quarter, compared to the consensus estimate of $97.09 million. During the same quarter in the prior year, the company posted $0.32 earnings per share. The company’s quarterly revenue was up 14.2% on a year-over-year basis.
PDL BioPharma, Inc (NASDAQ:PDLI) is a is a biotech company.
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