PDL BioPharma, Inc. (NASDAQ:PDLI) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

A number of other equities research analysts also recently issued reports on the stock. TheStreet downgraded shares of PDL BioPharma from a “c-” rating to a “d+” rating in a report on Friday, March 31st. Zacks Investment Research raised shares of PDL BioPharma from a “sell” rating to a “hold” rating in a report on Monday, May 15th. Cowen and Company reissued a “hold” rating on shares of PDL BioPharma in a report on Wednesday, May 3rd. Finally, ValuEngine downgraded shares of PDL BioPharma from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. PDL BioPharma currently has a consensus rating of “Hold” and an average price target of $3.50.

PDL BioPharma (NASDAQ:PDLI) traded up 0.83% during trading on Wednesday, reaching $2.42. 377,086 shares of the company’s stock traded hands. PDL BioPharma has a 52-week low of $1.93 and a 52-week high of $3.77. The company’s 50 day moving average is $2.43 and its 200-day moving average is $2.27. The stock has a market cap of $389.58 million, a price-to-earnings ratio of 26.59 and a beta of 0.60.

PDL BioPharma (NASDAQ:PDLI) last announced its quarterly earnings results on Wednesday, May 3rd. The biotechnology company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. PDL BioPharma had a net margin of 8.02% and a return on equity of 6.06%. The firm had revenue of $45.44 million for the quarter. On average, analysts anticipate that PDL BioPharma will post $0.26 earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently bought and sold shares of PDLI. State Street Corp boosted its position in PDL BioPharma by 8.8% in the fourth quarter. State Street Corp now owns 4,269,317 shares of the biotechnology company’s stock valued at $9,052,000 after buying an additional 343,986 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of PDL BioPharma by 15.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,282,180 shares of the biotechnology company’s stock worth $9,078,000 after buying an additional 582,265 shares during the last quarter. FMR LLC boosted its position in shares of PDL BioPharma by 14.3% in the fourth quarter. FMR LLC now owns 934,050 shares of the biotechnology company’s stock worth $1,980,000 after buying an additional 116,700 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its position in shares of PDL BioPharma by 1.1% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 118,076 shares of the biotechnology company’s stock worth $250,000 after buying an additional 1,239 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of PDL BioPharma during the fourth quarter worth approximately $5,068,000. Institutional investors own 84.45% of the company’s stock.

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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