GSA Capital Partners LLP cut its stake in PDL BioPharma Inc (NASDAQ:PDLI) by 9.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 215,083 shares of the biotechnology company’s stock after selling 22,430 shares during the quarter. GSA Capital Partners LLP’s holdings in PDL BioPharma were worth $675,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in PDLI. TrinityPoint Wealth LLC acquired a new position in PDL BioPharma during the 1st quarter worth approximately $53,000. Legal & General Group Plc boosted its position in PDL BioPharma by 24.2% during the 4th quarter. Legal & General Group Plc now owns 26,678 shares of the biotechnology company’s stock worth $77,000 after acquiring an additional 5,197 shares during the last quarter. Marshall Wace LLP acquired a new position in PDL BioPharma during the 1st quarter worth approximately $160,000. Mercer Global Advisors Inc. ADV acquired a new position in PDL BioPharma during the 1st quarter worth approximately $230,000. Finally, O Shaughnessy Asset Management LLC acquired a new position in PDL BioPharma during the 1st quarter worth approximately $323,000. 96.32% of the stock is owned by institutional investors.
A number of equities analysts have weighed in on the company. BidaskClub downgraded PDL BioPharma from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 20th. Cowen set a $3.00 price target on PDL BioPharma and gave the stock a “hold” rating in a research report on Wednesday, August 7th. ValuEngine downgraded PDL BioPharma from a “buy” rating to a “hold” rating in a research report on Thursday, August 15th. Finally, Zacks Investment Research raised PDL BioPharma from a “sell” rating to a “hold” rating and set a $3.25 price target for the company in a research report on Wednesday, May 29th. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. The company has an average rating of “Hold” and an average price target of $3.13.
NASDAQ PDLI opened at $2.47 on Friday. The company has a market cap of $278.65 million, a PE ratio of 6.68 and a beta of 0.66. The company has a current ratio of 10.43, a quick ratio of 10.00 and a debt-to-equity ratio of 0.19. PDL BioPharma Inc has a 12 month low of $2.25 and a 12 month high of $3.89. The stock has a 50 day moving average of $2.82 and a 200-day moving average of $3.21.
PDL BioPharma (NASDAQ:PDLI) last released its quarterly earnings data on Wednesday, August 7th. The biotechnology company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.04 by $0.05. The company had revenue of ($22.53) million during the quarter. PDL BioPharma had a positive return on equity of 6.61% and a negative net margin of 32.13%. As a group, sell-side analysts predict that PDL BioPharma Inc will post 0.12 EPS for the current fiscal year.
In related news, major shareholder Pdl Biopharma, Inc. acquired 6,666,667 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was bought at an average price of $4.50 per share, with a total value of $30,000,001.50. Following the acquisition, the insider now owns 13,333,334 shares in the company, valued at approximately $60,000,003. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.20% of the company’s stock.
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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