PDL BioPharma, Inc. (PDLI) Upgraded by Zacks Investment Research to Buy
PDL BioPharma, Inc. (NASDAQ:PDLI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $3.00 target price on the biotechnology company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 7.53% from the company’s previous close.
According to Zacks, “PDL BioPharma’s earnings in the second quarter of 2017 surpassed estimates. The company is focused on acquiring and managing income-generating assets. PDL BioPharma has royalty agreements with several companies, whereby it has royalty rights on product sales. We are positive on the company’s recent strategic shift, wherein, it is making equity investments in product-focused companies. The company’s royalty agreement with oncology-focused company, ARIAD, is also encouraging. PDL BioPharma’s shares have outperformed the industry in a year. However, the company is heavily dependent on its partners for royalty revenues, which is hardly a risk-free strategy. We are also concerned about PDL BioPharma’s revenue stream in the futureas its growth prospects rely on the timing and ability to acquire new income-generating assets in order to provide recurring revenues.”
PDLI has been the subject of several other research reports. ValuEngine upgraded PDL BioPharma from a “hold” rating to a “buy” rating in a research note on Friday, August 4th. BidaskClub cut PDL BioPharma from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Cowen and Company restated a “hold” rating on shares of PDL BioPharma in a research note on Wednesday, May 3rd. Finally, Piper Jaffray Companies restated a “buy” rating and issued a $4.00 price target on shares of PDL BioPharma in a research note on Thursday, August 10th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $3.50.
Shares of PDL BioPharma (NASDAQ PDLI) traded up 0.538% during midday trading on Wednesday, hitting $2.805. The stock had a trading volume of 598,737 shares. PDL BioPharma has a 12 month low of $1.93 and a 12 month high of $3.77. The stock’s 50-day moving average is $2.45 and its 200-day moving average is $2.29. The stock has a market cap of $432.19 million, a PE ratio of 6.448 and a beta of 0.58.
PDL BioPharma (NASDAQ:PDLI) last posted its quarterly earnings results on Thursday, August 3rd. The biotechnology company reported $0.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.17. PDL BioPharma had a return on equity of 9.07% and a net margin of 23.03%. The firm had revenue of $143.80 million during the quarter, compared to analysts’ expectations of $56.30 million. During the same quarter in the previous year, the business earned $0.09 earnings per share. The company’s revenue was up 584.8% on a year-over-year basis. Equities analysts anticipate that PDL BioPharma will post $0.61 EPS for the current year.
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Several hedge funds and other institutional investors have recently bought and sold shares of PDLI. Dimensional Fund Advisors LP boosted its position in 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 valued at $9,078,000 after buying an additional 582,265 shares in the last quarter. HPM Partners LLC acquired a new position in PDL BioPharma during the first quarter valued at $163,000. Seizert Capital Partners LLC acquired a new position in PDL BioPharma during the first quarter valued at $2,706,000. Norges Bank acquired a new position in PDL BioPharma during the fourth quarter valued at $5,068,000. Finally, Brandes Investment Partners LP acquired a new position in PDL BioPharma during the first quarter valued at $133,000. Hedge funds and other institutional investors own 87.72% 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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