PDL BioPharma (NASDAQ:PDLI) Upgraded to “Hold” at Zacks Investment Research

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Zacks Investment Research upgraded shares of PDL BioPharma (NASDAQ:PDLI) from a strong sell rating to a hold rating in a report published on Wednesday morning, Zacks.com reports.

According to Zacks, “Protein Design Labs Inc. is a biopharmaceutical company focused on the research, development and commercialization of novel therapies for inflammation and autoimmune diseases, acute cardiac conditions and cancer. PDL markets several biopharmaceutical products in the United States through its hospital sales force and wholly-owned subsidiary, ESP Pharma, Inc. As a leader in the development of humanized antibodies, PDL has licensed its patents to numerous pharmaceutical and biotechnology companies, some of which are now paying royalties on net sales of licensed products. “

Other analysts also recently issued reports about the company. BidaskClub upgraded PDL BioPharma from a strong sell rating to a sell rating in a research note on Wednesday, July 22nd. TheStreet downgraded PDL BioPharma from a c- rating to a d+ rating in a research note on Monday, July 13th. Finally, ValuEngine downgraded PDL BioPharma from a hold rating to a sell rating in a research note on Tuesday, May 19th. Two equities research analysts have rated the stock with a sell rating and two have given a hold rating to the company. PDL BioPharma currently has a consensus rating of Hold and an average price target of $3.50.

Shares of PDLI opened at $3.18 on Wednesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 13.21 and a quick ratio of 12.95. The stock has a 50-day moving average of $2.99 and a 200-day moving average of $3.15. The company has a market cap of $362.33 million, a PE ratio of -3.38 and a beta of 0.83. PDL BioPharma has a one year low of $2.06 and a one year high of $3.86.

PDL BioPharma (NASDAQ:PDLI) last issued its earnings results on Thursday, May 7th. The biotechnology company reported ($0.26) EPS 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. Analysts expect that PDL BioPharma will post -0.14 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in PDLI. Marshall Wace LLP bought a new position in PDL BioPharma in the 1st quarter valued at about $160,000. Victory Capital Management Inc. lifted its position in PDL BioPharma by 73.6% in the 4th quarter. Victory Capital Management Inc. now owns 150,189 shares of the biotechnology company’s stock valued at $487,000 after acquiring an additional 63,653 shares in the last quarter. Great West Life Assurance Co. Can bought a new position in PDL BioPharma in the 4th quarter valued at about $28,000. Credit Suisse AG lifted its position in PDL BioPharma by 18.8% in the 4th quarter. Credit Suisse AG now owns 101,737 shares of the biotechnology company’s stock valued at $330,000 after acquiring an additional 16,091 shares in the last quarter. Finally, Marshall Wace North America L.P. bought a new position in PDL BioPharma in the 4th quarter valued at about $40,000. 78.25% of the stock is currently owned by institutional investors and hedge funds.

About PDL BioPharma

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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