PDL BioPharma, Inc. (PDLI) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS
PDL BioPharma, Inc. (NASDAQ:PDLI) issued its earnings results on Thursday. The biotechnology company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.01, Bloomberg Earnings reports. PDL BioPharma had a return on equity of 9.33% and a net margin of 24.51%. The business had revenue of $62.75 million for the quarter, compared to analyst estimates of $61.86 million. During the same quarter last year, the company earned $0.08 EPS. The business’s quarterly revenue was up 17.0% on a year-over-year basis.
Shares of PDL BioPharma (NASDAQ PDLI) traded up $0.09 during midday trading on Friday, hitting $3.08. The stock had a trading volume of 2,136,682 shares, compared to its average volume of 2,010,972. The firm has a market capitalization of $456.08 million, a price-to-earnings ratio of 6.17 and a beta of 0.45.
Several equities research analysts have recently weighed in on the company. ValuEngine raised PDL BioPharma from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Cowen and Company reissued a “hold” rating and set a $3.00 target price on shares of PDL BioPharma in a research report on Friday, October 27th. Zacks Investment Research raised PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.00 target price on the stock in a research report on Wednesday, August 16th. Piper Jaffray Companies reissued a “buy” rating and set a $4.00 target price on shares of PDL BioPharma in a research report on Thursday, August 10th. Finally, BidaskClub raised PDL BioPharma from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $3.33.
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PDL BioPharma announced that its Board of Directors has authorized a stock repurchase program on Monday, September 25th that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the biotechnology company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
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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