ClariVest Asset Management LLC Increases Stake in PDL BioPharma Inc. (PDLI)
ClariVest Asset Management LLC raised its stake in shares of PDL BioPharma Inc. (NASDAQ:PDLI) by 15.5% during the second quarter, Holdings Channel reports. The firm owned 130,252 shares of the company’s stock after buying an additional 17,500 shares during the period. ClariVest Asset Management LLC’s holdings in PDL BioPharma were worth $409,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the stock. Renaissance Technologies LLC raised its position in shares of PDL BioPharma by 23.0% in the first quarter. Renaissance Technologies LLC now owns 12,724,354 shares of the company’s stock valued at $42,372,000 after buying an additional 2,378,795 shares during the period. Acadian Asset Management LLC raised its position in shares of PDL BioPharma by 2.6% in the second quarter. Acadian Asset Management LLC now owns 6,235,824 shares of the company’s stock valued at $19,578,000 after buying an additional 156,534 shares during the period. Prudential Financial Inc. raised its position in shares of PDL BioPharma by 1,394.1% in the first quarter. Prudential Financial Inc. now owns 728,564 shares of the company’s stock valued at $2,426,000 after buying an additional 679,800 shares during the period. Bayesian Capital Management LP acquired a new position in shares of PDL BioPharma during the first quarter valued at about $124,000. Finally, Creative Planning raised its position in shares of PDL BioPharma by 18.7% in the second quarter. Creative Planning now owns 42,850 shares of the company’s stock valued at $135,000 after buying an additional 6,750 shares during the period. 75.20% of the stock is currently owned by hedge funds and other institutional investors.
PDL BioPharma Inc. (NASDAQ:PDLI) traded up 0.64% during midday trading on Monday, hitting $3.16. The stock had a trading volume of 1,252,397 shares. PDL BioPharma Inc. has a 12 month low of $2.58 and a 12 month high of $4.86. The company has a market cap of $523.11 million, a P/E ratio of 2.25 and a beta of 0.71. The firm’s 50-day moving average price is $3.19 and its 200 day moving average price is $3.25.
PDL BioPharma (NASDAQ:PDLI) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. PDL BioPharma had a return on equity of 38.94% and a net margin of 53.90%. The business had revenue of $21 million for the quarter, compared to analyst estimates of $33.46 million. During the same period last year, the company earned $0.47 EPS. PDL BioPharma’s revenue for the quarter was down 84.8% compared to the same quarter last year. On average, analysts expect that PDL BioPharma Inc. will post $0.51 earnings per share for the current fiscal year.
Several research firms have recently commented on PDLI. Cowen and Company restated a “hold” rating and set a $3.50 price objective on shares of PDL BioPharma in a report on Sunday, August 7th. Zacks Investment Research upgraded PDL BioPharma from a “sell” rating to a “hold” rating in a report on Tuesday, June 28th.
In related news, VP Peter S. Garcia purchased 10,000 shares of PDL BioPharma stock in a transaction that occurred on Tuesday, August 9th. The shares were acquired at an average cost of $3.00 per share, for a total transaction of $30,000.00. Following the transaction, the vice president now directly owns 232,092 shares in the company, valued at $696,276. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.10% of the company’s stock.
PDL BioPharma Company Profile
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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