Morgan Stanley Sells 2,527,392 Shares of PDL BioPharma Inc (NASDAQ:PDLI)

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Morgan Stanley trimmed its stake in shares of PDL BioPharma Inc (NASDAQ:PDLI) by 90.5% in the first quarter, HoldingsChannel reports. The firm owned 265,843 shares of the biotechnology company’s stock after selling 2,527,392 shares during the quarter. Morgan Stanley’s holdings in PDL BioPharma were worth $749,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of PDL BioPharma by 71.3% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,690 shares of the biotechnology company’s stock worth $44,000 after buying an additional 6,528 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of PDL BioPharma by 4.9% during the first quarter. Rhumbline Advisers now owns 221,807 shares of the biotechnology company’s stock worth $625,000 after buying an additional 10,347 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of PDL BioPharma by 11.1% during the first quarter. Principal Financial Group Inc. now owns 115,786 shares of the biotechnology company’s stock worth $326,000 after buying an additional 11,597 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of PDL BioPharma during the first quarter worth $37,000. Finally, BNP Paribas Arbitrage SA raised its stake in PDL BioPharma by 56.3% in the first quarter. BNP Paribas Arbitrage SA now owns 37,487 shares of the biotechnology company’s stock valued at $106,000 after purchasing an additional 13,501 shares in the last quarter. 78.25% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts recently commented on PDLI shares. ValuEngine downgraded PDL BioPharma from a “hold” rating to a “sell” rating in a research note on Tuesday, May 19th. BidaskClub raised PDL BioPharma from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 22nd. Zacks Investment Research raised PDL BioPharma from a “strong sell” rating to a “hold” rating in a research note on Wednesday. Finally, TheStreet downgraded PDL BioPharma from a “c-” rating to a “d+” rating in a research note on Monday, July 13th. Two equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $3.50.

NASDAQ:PDLI opened at $3.18 on Friday. The stock has a market cap of $362.33 million, a P/E ratio of -3.38 and a beta of 0.83. The company has a current ratio of 13.21, a quick ratio of 12.95 and a debt-to-equity ratio of 0.02. The stock’s 50-day moving average is $2.99 and its 200-day moving average is $3.15. PDL BioPharma Inc has a 1-year low of $2.06 and a 1-year high of $3.86.

PDL BioPharma (NASDAQ:PDLI) last released its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.26) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.31). The firm had revenue of $6.00 million during the quarter. As a group, equities analysts forecast that PDL BioPharma Inc will post -0.14 EPS for the current year.

PDL BioPharma Profile

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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Institutional Ownership by Quarter for PDL BioPharma (NASDAQ:PDLI)

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