PDL BioPharma (NASDAQ:PDLI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.

According to Zacks, “PDL BioPharma is focused on acquiring and managing income-generating assets. It has royalty agreements with several companies, whereby it receives royalties on sales of their products. We are positive on the company’s recent strategic shift, wherein, it is making equity investments in product-focused companies. The company’s investment on Noden Pharma, focused on acquiring and optimizing established medicines, is also encouraging. Its shares have outperformed the industry so far this year. However, the company is heavily dependent on its partners for royalty revenues, which is not a risk-free strategy. We are also concerned about PDL BioPharma’s revenue stream in the future as its growth prospects rely on the timing and ability to acquire new income-generating assets for recurring revenues. Estimates have remained stable ahead of Q4 earnings. The company has a mixed record of earnings surprises in the recent quarters.”

PDLI has been the topic of a number of other reports. ValuEngine raised shares of PDL BioPharma from a “hold” rating to a “buy” rating in a report on Saturday, November 25th. BidaskClub downgraded shares of PDL BioPharma from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Cowen reaffirmed a “hold” rating and set a $3.00 price objective on shares of PDL BioPharma in a report on Friday, October 27th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $3.33.

PDL BioPharma (PDLI) traded down $0.03 during midday trading on Monday, reaching $2.84. 1,020,000 shares of the company traded hands, compared to its average volume of 1,167,275. The company has a current ratio of 3.16, a quick ratio of 3.10 and a debt-to-equity ratio of 0.14. The firm has a market cap of $438.32, a P/E ratio of 5.68 and a beta of 0.46. PDL BioPharma has a twelve month low of $1.96 and a twelve month high of $3.55.

PDL BioPharma (NASDAQ:PDLI) last posted its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported $0.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.01. The firm had revenue of $62.75 million for the quarter, compared to the consensus estimate of $61.86 million. PDL BioPharma had a net margin of 24.51% and a return on equity of 9.20%. The business’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.08 EPS. sell-side analysts anticipate that PDL BioPharma will post 0.67 EPS for the current fiscal year.

PDL BioPharma declared that its Board of Directors has authorized a share buyback program on Monday, September 25th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the biotechnology company to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Several large investors have recently modified their holdings of the stock. California Public Employees Retirement System boosted its holdings in shares of PDL BioPharma by 12.2% in the 3rd quarter. California Public Employees Retirement System now owns 1,085,093 shares of the biotechnology company’s stock worth $3,678,000 after buying an additional 117,993 shares during the last quarter. Cubist Systematic Strategies LLC boosted its holdings in shares of PDL BioPharma by 64.0% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 49,062 shares of the biotechnology company’s stock worth $166,000 after buying an additional 19,144 shares during the last quarter. Highbridge Capital Management LLC boosted its holdings in shares of PDL BioPharma by 562.4% in the 3rd quarter. Highbridge Capital Management LLC now owns 132,477 shares of the biotechnology company’s stock worth $449,000 after buying an additional 112,477 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in shares of PDL BioPharma by 18.5% in the 3rd quarter. Allianz Asset Management GmbH now owns 941,088 shares of the biotechnology company’s stock worth $3,191,000 after buying an additional 146,817 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in shares of PDL BioPharma by 39.0% in the 3rd quarter. Mackenzie Financial Corp now owns 5,074,015 shares of the biotechnology company’s stock worth $17,201,000 after buying an additional 1,423,471 shares during the last quarter. 88.37% of the stock is currently owned by institutional investors.

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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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