Macquarie Group Ltd. Invests $851,000 in PDL BioPharma, Inc. (PDLI)
Macquarie Group Ltd. acquired a new position in shares of PDL BioPharma, Inc. (NASDAQ:PDLI) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 251,140 shares of the biotechnology company’s stock, valued at approximately $851,000. Macquarie Group Ltd. owned about 0.16% of PDL BioPharma as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in PDLI. Municipal Employees Retirement System of Michigan acquired a new stake in PDL BioPharma in the 3rd quarter valued at $1,224,000. BNP Paribas Arbitrage SA boosted its position in PDL BioPharma by 141.7% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 53,584 shares of the biotechnology company’s stock valued at $182,000 after buying an additional 31,418 shares during the last quarter. Alps Advisors Inc. boosted its position in PDL BioPharma by 63.7% in the 3rd quarter. Alps Advisors Inc. now owns 460,946 shares of the biotechnology company’s stock valued at $1,563,000 after buying an additional 179,300 shares during the last quarter. Prudential Financial Inc. boosted its position in PDL BioPharma by 44.8% in the 3rd quarter. Prudential Financial Inc. now owns 1,251,794 shares of the biotechnology company’s stock valued at $4,243,000 after buying an additional 387,160 shares during the last quarter. Finally, Nine Chapters Capital Management LLC boosted its position in PDL BioPharma by 182.1% in the 3rd quarter. Nine Chapters Capital Management LLC now owns 105,500 shares of the biotechnology company’s stock valued at $358,000 after buying an additional 68,100 shares during the last quarter. Institutional investors and hedge funds own 88.44% of the company’s stock.
PDL BioPharma, Inc. (NASDAQ PDLI) opened at $2.85 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.10 and a current ratio of 3.16. PDL BioPharma, Inc. has a 12-month low of $1.93 and a 12-month high of $3.55. The company has a market cap of $439.87, a PE ratio of 5.94 and a beta of 0.45.
PDL BioPharma (NASDAQ:PDLI) last issued its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.13 by $0.01. PDL BioPharma had a net margin of 24.51% and a return on equity of 9.20%. The business had revenue of $62.75 million for the quarter, compared to analysts’ expectations of $61.86 million. During the same quarter last year, the company posted $0.08 earnings per share. The company’s quarterly revenue was up 17.0% compared to the same quarter last year. research analysts forecast that PDL BioPharma, Inc. will post 0.67 EPS for the current fiscal year.
PDL BioPharma declared that its Board of Directors has approved a stock repurchase program on Monday, September 25th that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the biotechnology company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
A number of research firms have weighed in on PDLI. Zacks Investment Research raised shares of PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.00 price objective for the company in a research report on Wednesday, August 16th. Cowen reissued a “hold” rating and issued a $3.00 price objective on shares of PDL BioPharma in a research report on Friday, October 27th. Finally, ValuEngine raised shares of PDL BioPharma from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $3.33.
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.
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.