PDL BioPharma Inc (NASDAQ:PDLI)’s share price dropped 6.2% during mid-day trading on Wednesday . The company traded as low as $3.43 and last traded at $3.46. Approximately 2,038,454 shares were traded during trading, an increase of 30% from the average daily volume of 1,566,972 shares. The stock had previously closed at $3.69.
PDLI has been the subject of a number of analyst reports. ValuEngine upgraded PDL BioPharma from a “hold” rating to a “buy” rating in a research report on Tuesday, March 12th. BidaskClub upgraded PDL BioPharma from a “hold” rating to a “buy” rating in a research report on Friday, January 4th. TheStreet upgraded PDL BioPharma from a “d+” rating to a “c-” rating in a research report on Wednesday, February 6th. Finally, Zacks Investment Research upgraded PDL BioPharma from a “sell” rating to a “hold” rating in a research report on Tuesday, January 15th. Two investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. PDL BioPharma has an average rating of “Buy” and a consensus price target of $3.00.
The firm has a market capitalization of $472.73 million, a price-to-earnings ratio of 9.35 and a beta of 0.59. The company has a quick ratio of 9.50, a current ratio of 9.86 and a debt-to-equity ratio of 0.17.
Hedge funds have recently modified their holdings of the business. Fruth Investment Management bought a new stake in PDL BioPharma in the fourth quarter worth approximately $29,000. Strategic Wealth Partners Ltd. bought a new stake in PDL BioPharma in the fourth quarter worth approximately $44,000. Two Sigma Securities LLC bought a new stake in PDL BioPharma in the fourth quarter worth approximately $61,000. Legal & General Group Plc increased its holdings in PDL BioPharma by 24.2% in the fourth quarter. Legal & General Group Plc now owns 26,678 shares of the biotechnology company’s stock worth $77,000 after purchasing an additional 5,197 shares in the last quarter. Finally, CAPROCK Group Inc. bought a new stake in PDL BioPharma in the fourth quarter worth approximately $95,000. Institutional investors and hedge funds own 93.10% of the company’s stock.
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About PDL BioPharma (NASDAQ:PDLI)
PDL BioPharma, Inc acquires, manages, and commercializes commercial stage pharmaceutical assets and late clinical stage pharmaceutical products in the United States, Europe, and internationally. The company operates in three segments: Pharmaceutical, Medical Devices, and Income Generating Assets. The Pharmaceutical segment manufactures, markets, and sells prescription medicine products for the treatment of hypertension to wholesalers under the Tekturna and Tekturna HCT names in the United States, as well as under the Rasilez and Rasilez HCT names internationally.
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