Shares of PDL BioPharma Inc. (NASDAQ:PDLI) dropped 1.1% during mid-day trading on Thursday . The stock traded as low as $2.72 and last traded at $2.73, with a volume of 373,450 shares changing hands. The stock had previously closed at $2.76.

PDLI has been the subject of several recent research reports. Zacks Investment Research raised shares of PDL BioPharma from a “sell” rating to a “hold” rating in a research report on Thursday, June 2nd. Cowen and Company reaffirmed a “hold” rating and issued a $3.50 price objective on shares of PDL BioPharma in a research report on Sunday, August 7th.

The firm has a 50 day moving average price of $3.19 and a 200-day moving average price of $3.24. The company has a market capitalization of $453.58 million and a price-to-earnings ratio of 1.95.

PDL BioPharma (NASDAQ:PDLI) last announced its earnings results on Thursday, August 4th. The company reported $0.09 EPS for the quarter, topping the 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. PDL BioPharma’s revenue for the quarter was down 84.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.47 EPS. On average, analysts expect that PDL BioPharma Inc. will post $0.51 EPS for the current fiscal year.

In other PDL BioPharma news, VP Peter S. Garcia bought 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The shares were bought at an average price of $3.00 per share, for a total transaction of $30,000.00. Following the completion of the acquisition, the vice president now owns 232,092 shares of the company’s stock, valued at $696,276. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink.

An institutional investor recently raised its position in PDL BioPharma stock. KBC Group NV raised its stake in PDL BioPharma Inc. (NASDAQ:PDLI) by 3.0% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 456,616 shares of the company’s stock after buying an additional 13,229 shares during the period. KBC Group NV owned approximately 0.28% of PDL BioPharma worth $1,616,000 as of its most recent SEC filing.

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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