PDL BioPharma, Inc. (NASDAQ:PDLI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage presently has a $3.00 price objective on the biotechnology company’s stock. Zacks Investment Research‘s target price points to a potential upside of 7.53% from the stock’s previous close.
According to Zacks, “PDL BioPharma’s earnings in the second quarter of 2017 surpassed estimates. 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, wherein, it is making equity investments in product-focused companies. The company’s royalty agreement with oncology-focused company, ARIAD, is also encouraging. PDL BioPharma’s shares have outperformed the industry in a year. However, the company is heavily dependent on its partners for royalty revenues, which is hardly a risk-free strategy. We are also concerned about PDL BioPharma’s revenue stream in the futureas its growth prospects rely on the timing and ability to acquire new income-generating assets in order to provide recurring revenues.”
A number of other equities analysts have also weighed in on PDLI. BidaskClub lowered shares of PDL BioPharma from a “hold” rating to a “sell” rating in a research report on Friday, August 4th. Piper Jaffray Companies reissued a “buy” rating and issued a $4.00 price objective on shares of PDL BioPharma in a research report on Thursday, August 10th. ValuEngine raised shares of PDL BioPharma from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Finally, Cowen and Company reissued a “hold” rating on shares of PDL BioPharma in a research report on Wednesday, May 3rd. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. PDL BioPharma currently has an average rating of “Buy” and an average price target of $3.50.
Shares of PDL BioPharma (NASDAQ:PDLI) traded up 0.538% during mid-day trading on Wednesday, hitting $2.805. 598,737 shares of the stock were exchanged. The company has a 50-day moving average of $2.45 and a 200 day moving average of $2.29. The stock has a market cap of $432.19 million, a PE ratio of 6.448 and a beta of 0.58. PDL BioPharma has a one year low of $1.93 and a one year high of $3.77.
PDL BioPharma (NASDAQ:PDLI) last posted its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.17. The business had revenue of $143.80 million during the quarter, compared to analyst estimates of $56.30 million. PDL BioPharma had a net margin of 23.03% and a return on equity of 9.07%. The company’s revenue was up 584.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.09 earnings per share. On average, equities analysts predict that PDL BioPharma will post $0.61 earnings per share for the current year.
A number of institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in shares of PDL BioPharma by 15.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,282,180 shares of the biotechnology company’s stock valued at $9,078,000 after buying an additional 582,265 shares during the period. HPM Partners LLC bought a new position in shares of PDL BioPharma during the first quarter valued at approximately $163,000. Seizert Capital Partners LLC bought a new position in shares of PDL BioPharma during the first quarter valued at approximately $2,706,000. Norges Bank bought a new position in shares of PDL BioPharma during the fourth quarter valued at approximately $5,068,000. Finally, Brandes Investment Partners LP bought a new position in shares of PDL BioPharma during the first quarter valued at approximately $133,000. 87.72% of the stock is owned by hedge funds and other institutional investors.
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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