Schwab Charles Investment Management Inc. Buys 263,273 Shares of PDL BioPharma, Inc. (NASDAQ:PDLI)

Schwab Charles Investment Management Inc. boosted its stake in shares of PDL BioPharma, Inc. (NASDAQ:PDLI) by 13.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,292,624 shares of the biotechnology company’s stock after buying an additional 263,273 shares during the period. Schwab Charles Investment Management Inc. owned about 1.42% of PDL BioPharma worth $5,205,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of PDL BioPharma by 6.2% in the first quarter. Vanguard Group Inc. now owns 14,180,118 shares of the biotechnology company’s stock valued at $32,188,000 after buying an additional 827,830 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of PDL BioPharma by 32.7% in the first quarter. Dimensional Fund Advisors LP now owns 5,683,650 shares of the biotechnology company’s stock valued at $12,901,000 after buying an additional 1,401,470 shares during the last quarter. Mackenzie Financial Corp boosted its position in shares of PDL BioPharma by 2.8% in the first quarter. Mackenzie Financial Corp now owns 4,818,609 shares of the biotechnology company’s stock valued at $10,938,000 after buying an additional 130,784 shares during the last quarter. State Street Corp boosted its position in shares of PDL BioPharma by 8.8% in the fourth quarter. State Street Corp now owns 4,269,317 shares of the biotechnology company’s stock valued at $9,052,000 after buying an additional 343,986 shares during the last quarter. Finally, Norges Bank bought a new position in shares of PDL BioPharma during the fourth quarter valued at about $5,068,000. 87.72% of the stock is owned by institutional investors.

Shares of PDL BioPharma, Inc. (PDLI) opened at 2.72 on Friday. The firm has a 50-day moving average price of $2.47 and a 200-day moving average price of $2.30. PDL BioPharma, Inc. has a 52 week low of $1.93 and a 52 week high of $3.77. The stock has a market cap of $419.10 million, a PE ratio of 6.25 and a beta of 0.58.

PDL BioPharma (NASDAQ:PDLI) last released its earnings results on Thursday, August 3rd. The biotechnology company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.17. PDL BioPharma had a return on equity of 9.07% and a net margin of 23.03%. The company had revenue of $143.80 million for the quarter, compared to the consensus estimate of $56.30 million. During the same quarter last year, the business posted $0.09 EPS. PDL BioPharma’s quarterly revenue was up 584.8% compared to the same quarter last year. On average, analysts forecast that PDL BioPharma, Inc. will post $0.61 earnings per share for the current fiscal year.

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PDLI has been the subject of several recent research reports. Piper Jaffray Companies reiterated a “buy” rating and issued a $4.00 price objective on shares of PDL BioPharma in a research note on Thursday, August 10th. ValuEngine upgraded PDL BioPharma from a “hold” rating to a “buy” rating in a research note on Friday, August 4th. 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 research note on Wednesday. BidaskClub cut PDL BioPharma from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 11th. Finally, Cowen and Company restated a “hold” rating on shares of PDL BioPharma in a research note on Wednesday, May 3rd. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $3.50.

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.

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

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