PDL BioPharma (PDLI) Board of Directors Announces Share Buyback Program
PDL BioPharma (NASDAQ:PDLI) announced that its board has approved a share repurchase plan, which permits the company to buyback $25.00 million in shares on Monday, September 25th, EventVestor reports. This buyback authorization permits the biotechnology company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
A number of research firms have recently issued reports on PDLI. ValuEngine lowered shares of PDL BioPharma from a “buy” rating to a “hold” rating in a research report on Wednesday, September 6th. BidaskClub lowered shares of PDL BioPharma from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Zacks Investment Research raised shares of PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.00 price target for the company in a research report on Wednesday, August 16th. Finally, Piper Jaffray Companies reissued a “buy” rating and issued a $4.00 price target on shares of PDL BioPharma in a research report on Thursday, August 10th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. PDL BioPharma presently has an average rating of “Hold” and an average target price of $3.50.
Shares of PDL BioPharma (NASDAQ PDLI) opened at 3.37 on Tuesday. PDL BioPharma has a 52-week low of $1.93 and a 52-week high of $3.77. The stock has a 50 day moving average of $2.87 and a 200-day moving average of $2.44. The stock has a market capitalization of $519.25 million, a price-to-earnings ratio of 7.75 and a beta of 0.49.
PDL BioPharma (NASDAQ:PDLI) last issued its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.17. PDL BioPharma had a return on equity of 9.07% and a net margin of 23.03%. The business had revenue of $143.80 million during the quarter, compared to analyst estimates of $56.30 million. During the same period in the previous year, the firm earned $0.09 EPS. PDL BioPharma’s quarterly revenue was up 584.8% compared to the same quarter last year. On average, equities research analysts predict that PDL BioPharma will post $0.61 EPS for the current fiscal year.
About PDL BioPharma
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.
Receive News & Ratings for PDL BioPharma Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PDL BioPharma Inc. and related companies with MarketBeat.com's FREE daily email newsletter.