PDL BioPharma Inc. (NASDAQ:PDLI) shares were down 2.7% during mid-day trading on Friday . The stock traded as low as $2.85 and last traded at $2.86, with a volume of 832,501 shares. The stock had previously closed at $2.94.

Several research analysts have issued reports on PDLI shares. Cowen and Company reiterated a “hold” rating and set a $3.50 price objective on shares of PDL BioPharma in a research note on Sunday, August 7th. Zacks Investment Research upgraded PDL BioPharma from a “sell” rating to a “hold” rating in a research note on Thursday, June 2nd.

The stock has a 50-day moving average of $3.28 and a 200-day moving average of $3.25. The company has a market capitalization of $470.13 million and a PE ratio of 2.02.

PDL BioPharma (NASDAQ:PDLI) last issued its earnings results on Thursday, August 4th. The company reported $0.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.01. The business had revenue of $21 million for the quarter, compared to the consensus estimate of $33.46 million. The business’s revenue was down 84.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.47 earnings per share. Equities research analysts anticipate that PDL BioPharma Inc. will post $0.54 EPS for the current fiscal year.

In other PDL BioPharma news, VP Peter S. Garcia bought 10,000 shares of PDL BioPharma stock in a transaction dated Tuesday, August 9th. The stock was bought at an average cost of $3.00 per share, for a total transaction of $30,000.00. Following the purchase, the vice president now owns 232,092 shares of the company’s stock, valued at approximately $696,276. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Several hedge funds and institutional investors have modified their holdings of PDLI. I.G. Investment Management LTD. acquired a new position in shares of PDL BioPharma during the fourth quarter valued at approximately $7,052,000. Dimensional Fund Advisors LP increased its position in shares of PDL BioPharma by 5.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,891,641 shares of the company’s stock valued at $10,237,000 after buying an additional 140,239 shares in the last quarter. Systematic Financial Management LP increased its position in shares of PDL BioPharma by 15.9% in the fourth quarter. Systematic Financial Management LP now owns 470,500 shares of the company’s stock valued at $1,665,000 after buying an additional 64,580 shares in the last quarter. Finally, KBC Group NV increased its position in shares of PDL BioPharma by 3.0% in the fourth quarter. KBC Group NV now owns 456,616 shares of the company’s stock valued at $1,616,000 after buying an additional 13,229 shares in the last quarter.

PDL BioPharma, Inc, formerly Protein Design Labs, Inc, manages a portfolio of patents and royalty assets, consisting of its Queen et al. patents, license agreements with various biotechnology and pharmaceutical companies, and royalty and other assets acquired. The Company provides non-dilutive growth capital and financing solutions to late-stage public and private healthcare companies and offers immediate financial monetization of royalty streams to companies, academic institutions and inventors.

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