The Zacks Investment Research Upgrades PDL BioPharma Inc (PDLI) to “Hold”

The Zacks Investment Research Upgrades PDL BioPharma Inc (PDLI) to “Hold”

According to Zacks, “PDL BioPharma reported better than expected earnings in the first quarter of 2017 whereas revenue significantly decreased year over year. 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, whereby it is making equity investments in product-focused companies. However, the company’s dependence on revenues from royalties is not a risk-free strategy. Moreover, the company’s top line declined materially after it stopped receiving payments from certain Queen et al. patent license. The decrease in royalties from PDL's Queen et al. patents is due to the expiration of the patent license agreement with Genentech. PDL BioPharma’s shares have underperformed the Medical-Biomedical/Genetics industry in the past one year.”

Zacks Investment Research upgraded shares of PDL BioPharma Inc (NASDAQ:PDLI) from a sell rating to a hold rating in a report issued on Monday, May 15th.

Other research analysts have also issued research reports about the stock. Cowen and Company reissued a hold rating on shares of PDL BioPharma in a research note on Wednesday, May 3rd. TheStreet lowered shares of PDL BioPharma from a c- rating to a d+ rating in a research note on Friday, March 31st. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. PDL BioPharma presently has a consensus rating of Hold and a consensus target price of $3.50. Shares of PDL BioPharma (NASDAQ:PDLI) opened at 2.45 on Monday. The company has a market cap of $394.41 million, a PE ratio of 26.92 and a beta of 0.52. The firm’s 50-day moving average is $2.27 and its 200-day moving average is $2.25. PDL BioPharma has a one year low of $1.93 and a one year high of $3.77.

In other news, VP Peter S. Garcia purchased 25,000 shares of the firm’s stock in a transaction that occurred on Friday, March 24th. The stock was bought at an average price of $1.98 per share, for a total transaction of $49,500.00. Following the completion of the purchase, the vice president now directly owns 452,492 shares of the company’s stock, valued at $895,934.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.10% of the stock is owned by insiders. A number of hedge funds and other institutional investors have recently modified their holdings of PDLI. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of PDL BioPharma by 43.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,948 shares of the biotechnology company’s stock worth $104,000 after buying an additional 14,000 shares in the last quarter. Airain ltd purchased a new position in shares of PDL BioPharma during the first quarter worth about $107,000. KBC Group NV purchased a new position in shares of PDL BioPharma during the first quarter worth about $107,000. Ifrah Financial Services Inc. increased its position in shares of PDL BioPharma by 41.5% in the third quarter. Ifrah Financial Services Inc. now owns 47,598 shares of the biotechnology company’s stock worth $159,000 after buying an additional 13,955 shares in the last quarter. Finally, Credit Agricole S A increased its position in shares of PDL BioPharma by 34.9% in the first quarter. Credit Agricole S A now owns 50,000 shares of the biotechnology company’s stock worth $114,000 after buying an additional 12,942 shares in the last quarter. Institutional investors own 78.88% of the company’s stock.

PDL BioPharma Company Profile 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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:PDLI”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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