PDL BioPharma Inc. (NASDAQ:PDLI)’s share price dropped 1.1% on Thursday . The company traded as low as $2.72 and last traded at $2.73, with a volume of 373,450 shares traded. The stock had previously closed at $2.76.

PDLI has been the topic of a number of research reports. Zacks Investment Research raised 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 set a $3.50 target price on shares of PDL BioPharma in a research report on Sunday, August 7th.

The stock has a 50 day moving average of $3.18 and a 200 day moving average of $3.24. The company has a market capitalization of $473.44 million and a price-to-earnings ratio of 2.03.

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. The company had revenue of $21 million for the quarter, compared to the consensus estimate of $33.46 million. During the same quarter in the previous year, the business earned $0.47 earnings per share. PDL BioPharma’s revenue was down 84.8% compared to the same quarter last year. Analysts forecast that PDL BioPharma Inc. will post $0.51 EPS for the current fiscal year.

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.

A hedge fund recently bought a new stake in PDL BioPharma stock. I.G. Investment Management LTD. acquired a new position in PDL BioPharma Inc. (NASDAQ:PDLI) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 1,992,000 shares of the company’s stock, valued at approximately $7,052,000. I.G. Investment Management LTD. owned approximately 1.22% of PDL BioPharma at the end of the most recent 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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