State Board of Administration of Florida Retirement System continued to hold its position in PDL BioPharma Inc. (NASDAQ:PDLI) during the second quarter, Holdings Channel reports. The institutional investor owned 141,207 shares of the company’s stock at the end of the second quarter. State Board of Administration of Florida Retirement System owned about 0.09% of PDL BioPharma worth $443,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of PDLI. DekaBank Deutsche Girozentrale boosted its position in PDL BioPharma by 42.4% in the second quarter. DekaBank Deutsche Girozentrale now owns 97,400 shares of the company’s stock worth $304,000 after buying an additional 29,000 shares during the last quarter. California Public Employees Retirement System boosted its stake in shares of PDL BioPharma by 14.9% in the second quarter. California Public Employees Retirement System now owns 534,100 shares of the company’s stock valued at $1,677,000 after buying an additional 69,400 shares in the last quarter. Emerald Acquisition Ltd. purchased a new stake in shares of PDL BioPharma during the second quarter valued at $9,447,000. ClariVest Asset Management LLC boosted its stake in shares of PDL BioPharma by 15.5% in the second quarter. ClariVest Asset Management LLC now owns 130,252 shares of the company’s stock valued at $409,000 after buying an additional 17,500 shares in the last quarter. Finally, Alps Advisors Inc. boosted its stake in shares of PDL BioPharma by 11.2% in the second quarter. Alps Advisors Inc. now owns 368,094 shares of the company’s stock valued at $1,156,000 after buying an additional 37,187 shares in the last quarter. Institutional investors own 75.22% of the company’s stock.
PDL BioPharma Inc. (NASDAQ:PDLI) traded down 1.23% on Friday, hitting $3.21. The stock had a trading volume of 1,051,702 shares. PDL BioPharma Inc. has a 52-week low of $2.58 and a 52-week high of $5.35. The company has a market cap of $531.38 million, a P/E ratio of 2.28 and a beta of 0.71. The firm’s 50-day moving average is $3.12 and its 200-day moving average is $3.25.
PDL BioPharma (NASDAQ:PDLI) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. PDL BioPharma had a return on equity of 38.94% and a net margin of 53.90%. The firm earned $21 million during the quarter, compared to analysts’ expectations of $33.46 million. During the same quarter last year, the firm earned $0.47 earnings per share. The business’s revenue for the quarter was down 84.8% on a year-over-year basis. Equities research analysts anticipate that PDL BioPharma Inc. will post $0.51 earnings per share for the current fiscal year.
PDLI has been the subject of several research reports. Zacks Investment Research upgraded PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.00 target price for the company in a report on Thursday, August 25th. Cowen and Company reiterated a “hold” rating and issued a $3.50 target price on shares of PDL BioPharma in a report on Sunday, August 7th.
In related news, VP Peter S. Garcia purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The stock was purchased at an average price of $3.00 per share, with a total value of $30,000.00. Following the completion of the acquisition, the vice president now owns 232,092 shares in the company, valued at $696,276. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.10% of the stock is owned by corporate insiders.
PDL BioPharma Company Profile
PDL BioPharma, Inc, formerly Protein Design Labs, Inc, manages a portfolio of patents and royalty assets, consisting of its Queen et al. patents, license agreements with various biotechnology and pharmaceutical companies, and royalty and other assets acquired. The Company provides non-dilutive growth capital and financing solutions to late-stage public and private healthcare companies and offers immediate financial monetization of royalty streams to companies, academic institutions and inventors.
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