Bridgeway Capital Management Inc. cut its stake in shares of PDL BioPharma Inc (NASDAQ:PDLI) by 9.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 971,800 shares of the biotechnology company’s stock after selling 100,000 shares during the quarter. Bridgeway Capital Management Inc. owned approximately 0.67% of PDL BioPharma worth $2,556,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Meeder Asset Management Inc. lifted its stake in shares of PDL BioPharma by 76.9% in the third quarter. Meeder Asset Management Inc. now owns 57,350 shares of the biotechnology company’s stock valued at $151,000 after buying an additional 24,925 shares in the last quarter. United Services Automobile Association lifted its stake in shares of PDL BioPharma by 47.3% in the second quarter. United Services Automobile Association now owns 68,212 shares of the biotechnology company’s stock valued at $160,000 after buying an additional 21,899 shares in the last quarter. MetLife Investment Advisors LLC lifted its stake in shares of PDL BioPharma by 81.3% in the second quarter. MetLife Investment Advisors LLC now owns 76,001 shares of the biotechnology company’s stock valued at $178,000 after buying an additional 34,078 shares in the last quarter. Alambic Investment Management L.P. bought a new position in shares of PDL BioPharma in the second quarter valued at $382,000. Finally, First Republic Investment Management Inc. lifted its stake in shares of PDL BioPharma by 42.7% in the second quarter. First Republic Investment Management Inc. now owns 202,826 shares of the biotechnology company’s stock valued at $474,000 after buying an additional 60,729 shares in the last quarter. 85.85% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have weighed in on the stock. ValuEngine lowered shares of PDL BioPharma from a “buy” rating to a “hold” rating in a research note on Thursday, August 23rd. Cowen reaffirmed a “hold” rating and issued a $3.00 price objective on shares of PDL BioPharma in a research note on Tuesday, November 6th. BidaskClub raised shares of PDL BioPharma from a “sell” rating to a “hold” rating in a research note on Friday, October 5th. Finally, TheStreet lowered shares of PDL BioPharma from a “c-” rating to a “d+” rating in a research note on Friday, August 17th. One analyst has rated the stock with a sell rating and three have issued a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $3.25.
PDL BioPharma (NASDAQ:PDLI) last announced its earnings results on Tuesday, November 6th. The biotechnology company reported $0.07 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.07. The company had revenue of $67.90 million during the quarter. PDL BioPharma had a negative net margin of 28.41% and a positive return on equity of 7.72%. On average, equities research analysts anticipate that PDL BioPharma Inc will post -0.51 earnings per share for the current fiscal year.
PDL BioPharma announced that its Board of Directors has approved a stock buyback plan on Monday, September 24th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the biotechnology company to buy up to 27.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
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About PDL BioPharma
PDL BioPharma, Inc acquires and manages companies, products, royalty agreements, and debt facilities in the biotechnology, pharmaceutical, and medical device industries in the United States, Europe, and internationally. The company operates in three segments: Income Generating Assets, Pharmaceutical, and Medical Devices.
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