Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of PDL BioPharma Inc (NASDAQ:PDLI) by 5.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,968,105 shares of the biotechnology company’s stock after buying an additional 290,458 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 4.09% of PDL BioPharma worth $15,696,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its stake in PDL BioPharma by 0.8% during the third quarter. Dimensional Fund Advisors LP now owns 12,613,444 shares of the biotechnology company’s stock worth $33,173,000 after buying an additional 98,954 shares in the last quarter. FMR LLC acquired a new stake in shares of PDL BioPharma in the 3rd quarter valued at $2,342,000. Brandes Investment Partners LP boosted its stake in shares of PDL BioPharma by 1,343.0% in the 3rd quarter. Brandes Investment Partners LP now owns 3,936,719 shares of the biotechnology company’s stock valued at $10,354,000 after purchasing an additional 3,663,908 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of PDL BioPharma by 2.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,318,645 shares of the biotechnology company’s stock valued at $3,468,000 after purchasing an additional 35,617 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of PDL BioPharma by 83.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 254,196 shares of the biotechnology company’s stock valued at $669,000 after purchasing an additional 115,956 shares in the last quarter. 86.96% of the stock is currently owned by hedge funds and other institutional investors.
PDLI has been the topic of several recent analyst reports. BidaskClub downgraded shares of PDL BioPharma from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 8th. TheStreet downgraded shares of PDL BioPharma from a “c-” rating to a “d+” rating in a research note on Friday, August 17th. Cowen restated a “hold” rating and issued a $3.00 target price on shares of PDL BioPharma in a research note on Tuesday, November 6th. Finally, ValuEngine downgraded shares of PDL BioPharma from a “buy” rating to a “hold” rating in a research note on Thursday, August 23rd. One research analyst has rated the stock with a sell rating and three have given a hold rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $3.25.
Shares of NASDAQ:PDLI opened at $3.00 on Friday. PDL BioPharma Inc has a 52 week low of $2.25 and a 52 week high of $3.16. The company has a debt-to-equity ratio of 0.17, a quick ratio of 10.61 and a current ratio of 10.88. The firm has a market capitalization of $429.17 million, a PE ratio of 4.76 and a beta of 0.30.
PDL BioPharma (NASDAQ:PDLI) last issued its earnings results on Tuesday, November 6th. The biotechnology company reported $0.07 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.07. PDL BioPharma had a negative net margin of 28.41% and a positive return on equity of 7.72%. The company had revenue of $67.90 million for the quarter. On average, sell-side analysts forecast that PDL BioPharma Inc will post -0.51 EPS for the current year.
PDL BioPharma announced that its Board of Directors has approved a stock buyback plan on Monday, September 24th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the biotechnology company to buy up to 27.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
PDL BioPharma Company Profile
PDL BioPharma, Inc acquires and manages companies, products, royalty agreements, and debt facilities in the biotechnology, pharmaceutical, and medical device industries in the United States, Europe, and internationally. The company operates in three segments: Income Generating Assets, Pharmaceutical, and Medical Devices.
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