PDL BioPharma Stock Rating Reaffirmed by Zacks (PDLI)
PDL BioPharma (NASDAQ:PDLI)‘s stock had its “neutral” rating reissued by Zacks in a research report issued on Wednesday. They currently have a $10.00 target price on the stock. Zacks‘s price objective indicates a potential upside of 4.71% from the stock’s previous close.
Zacks’ analyst wrote, “PDL BioPharma’s second quarter 2014 earnings of $0.52 per share were below the year-ago earnings of $0.62 and the Zacks Consensus Estimate of $0.55 per share. We are encouraged by the company’s royalty agreements with companies like Viscogliosi Brothers, LLC. Also, the Roche settlement came as a huge relief to PDL BioPharma. The company has in the past several years struggled with its dispute with Roche. However, we are still concerned about PDL BioPharma’s future revenue stream once the royalty payments dry up. We see limited upside potential from current levels and retain a Neutral recommendation on the stock.”
PDL BioPharma (NASDAQ:PDLI) traded up 1.88% on Wednesday, hitting $9.73. 2,075,696 shares of the company’s stock traded hands. PDL BioPharma has a 52-week low of $7.38 and a 52-week high of $10.21. The stock has a 50-day moving average of $9.45 and a 200-day moving average of $8.90. The company has a market cap of $1.563 billion and a price-to-earnings ratio of 5.50.
PDL BioPharma (NASDAQ:PDLI) last released its earnings data on Monday, August 18th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.06. The company had revenue of $162.80 million for the quarter, compared to the consensus estimate of $134.07 million. During the same quarter in the previous year, the company posted $0.62 earnings per share. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. Analysts expect that PDL BioPharma will post $2.06 EPS for the current fiscal year.
Separately, analysts at Cowen and Company raised their price target on shares of PDL BioPharma from $7.00 to $8.00 in a research note on Wednesday.
PDL BioPharma, Inc (NASDAQ:PDLI) is a is a biotech company.
To view Zacks’ full report, visit Zacks’ official website.
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