PDL BioPharma (NASDAQ:PDLI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage currently has a $3.50 price target on the biotechnology company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 12.90% from the company’s current price.
According to Zacks, “PDL BioPharma’s earnings surpassed estimates in fourth-quarter 2017. The company 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 in the past one 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 as its growth prospects rely on the timing and ability to acquire new income-generating assets for recurring revenues.”
Other equities analysts have also recently issued research reports about the stock. BidaskClub cut shares of PDL BioPharma from a “sell” rating to a “strong sell” rating in a research report on Tuesday, February 13th. TheStreet raised shares of PDL BioPharma from a “d+” rating to a “c-” rating in a research report on Friday, March 9th. Finally, ValuEngine raised shares of PDL BioPharma from a “hold” rating to a “buy” rating in a research report on Saturday, November 25th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. PDL BioPharma has a consensus rating of “Hold” and a consensus target price of $3.50.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Dynamic Technology Lab Private Ltd bought a new position in PDL BioPharma in the 3rd quarter valued at about $131,000. Cubist Systematic Strategies LLC lifted its position in PDL BioPharma by 64.0% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 49,062 shares of the biotechnology company’s stock valued at $166,000 after acquiring an additional 19,144 shares in the last quarter. Spark Investment Management LLC bought a new position in PDL BioPharma in the 4th quarter valued at about $142,000. Jane Street Group LLC bought a new position in PDL BioPharma in the 4th quarter valued at about $142,000. Finally, Teacher Retirement System of Texas lifted its position in PDL BioPharma by 312.9% in the 4th quarter. Teacher Retirement System of Texas now owns 52,122 shares of the biotechnology company’s stock valued at $143,000 after acquiring an additional 39,499 shares in the last quarter. 91.19% of the stock is currently owned by institutional investors and hedge funds.
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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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