ValuEngine upgraded shares of PDL BioPharma, Inc. (NASDAQ:PDLI) from a hold rating to a buy rating in a report issued on Friday.

A number of other research analysts have also recently weighed in on the company. Zacks Investment Research upgraded PDL BioPharma from a sell rating to a hold rating in a report on Monday, May 15th. Cowen and Company reissued a hold rating on shares of PDL BioPharma in a research report on Wednesday, May 3rd. Finally, BidaskClub lowered PDL BioPharma from a strong-buy rating to a buy rating in a research report on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. PDL BioPharma currently has an average rating of Hold and an average price target of $3.50.

Shares of PDL BioPharma (NASDAQ PDLI) traded up 10.14% during midday trading on Friday, reaching $2.39. The company’s stock had a trading volume of 8,634,999 shares. PDL BioPharma has a 52 week low of $1.93 and a 52 week high of $3.77. The firm’s 50 day moving average is $2.41 and its 200 day moving average is $2.28. The firm has a market capitalization of $384.75 million, a price-to-earnings ratio of 26.26 and a beta of 0.58.

PDL BioPharma (NASDAQ:PDLI) last issued its earnings results on Thursday, August 3rd. The biotechnology company reported $0.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.17. PDL BioPharma had a return on equity of 9.25% and a net margin of 23.03%. The firm had revenue of $143.80 million for the quarter, compared to analysts’ expectations of $56.30 million. During the same quarter last year, the firm earned $0.09 earnings per share. The firm’s revenue for the quarter was up 584.8% compared to the same quarter last year. Equities analysts forecast that PDL BioPharma will post $0.26 EPS for the current fiscal year.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nine Chapters Capital Management LLC raised its position in PDL BioPharma by 52.9% in the first quarter. Nine Chapters Capital Management LLC now owns 183,000 shares of the biotechnology company’s stock valued at $415,000 after buying an additional 63,300 shares during the period. Parametric Portfolio Associates LLC raised its position in PDL BioPharma by 0.9% in the first quarter. Parametric Portfolio Associates LLC now owns 1,628,158 shares of the biotechnology company’s stock valued at $3,696,000 after buying an additional 14,039 shares during the period. Karp Capital Management Corp bought a new position in PDL BioPharma during the first quarter valued at approximately $783,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in PDL BioPharma by 43.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,948 shares of the biotechnology company’s stock valued at $104,000 after buying an additional 14,000 shares during the period. Finally, HPM Partners LLC bought a new position in PDL BioPharma during the first quarter valued at approximately $163,000. 84.21% of the stock is currently owned by institutional investors.

PDL BioPharma Company Profile

PDL BioPharma, Inc seeks to provide return for its shareholders by acquiring and managing a portfolio of companies, products, royalty agreements and debt facilities in the biotechnology, pharmaceutical and medical device industries. The Company’s segments include income generating assets and product sales.

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