Municipal Employees Retirement System of Michigan grew its stake in PDL Biopharma (NASDAQ:PDLI) by 27.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 458,960 shares of the biotechnology company’s stock after buying an additional 97,940 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in PDL Biopharma were worth $1,258,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Dynamic Technology Lab Private Ltd acquired a new position in shares of PDL Biopharma during the 3rd quarter worth about $131,000. Cubist Systematic Strategies LLC lifted its position in shares of PDL Biopharma by 64.0% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 49,062 shares of the biotechnology company’s stock worth $166,000 after purchasing an additional 19,144 shares during the last quarter. Spark Investment Management LLC acquired a new position in shares of PDL Biopharma during the 4th quarter worth about $142,000. Jane Street Group LLC acquired a new position in shares of PDL Biopharma during the 4th quarter worth about $142,000. Finally, Teacher Retirement System of Texas lifted its position in shares of PDL Biopharma by 312.9% during the 4th quarter. Teacher Retirement System of Texas now owns 52,122 shares of the biotechnology company’s stock worth $143,000 after purchasing an additional 39,499 shares during the last quarter. 91.09% of the stock is owned by institutional investors.

PDL Biopharma (NASDAQ PDLI) opened at $2.92 on Tuesday. The company has a quick ratio of 3.10, a current ratio of 3.16 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $439.90, a P/E ratio of 4.06 and a beta of 0.58. PDL Biopharma has a twelve month low of $1.96 and a twelve month high of $3.55.

Several research firms recently weighed in on PDLI. Zacks Investment Research raised PDL Biopharma from a “hold” rating to a “buy” rating and set a $3.50 price objective for the company in a research report on Wednesday, March 14th. TheStreet raised PDL Biopharma from a “d+” rating to a “c-” rating in a research report on Friday, March 9th. BidaskClub raised PDL Biopharma from a “strong sell” rating to a “sell” rating in a research report on Friday, March 9th. Finally, ValuEngine raised PDL Biopharma from a “hold” rating to a “buy” rating in a research report on Saturday, November 25th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. PDL Biopharma has a consensus rating of “Hold” and a consensus target price of $3.50.

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PDL Biopharma Company Profile

PDL BioPharma, Inc acquires and manages companies, products, royalty agreements, and debt facilities in the biotech, pharmaceutical, and medical device industries in the United States, Europe, and internationally. The company operates through two segments, Income Generating Assets and Product Sales. The Income Generating Assets segment consists of royalties from issued patents covering the humanization of antibodies, including Avastin, Herceptin, Xolair, Lucentis, Perjeta, Kadcyla, and Tysabri; and notes and other long-term receivables, royalty rights, hybrid notes/royalties receivable, and equity investments in healthcare companies.

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Institutional Ownership by Quarter for PDL Biopharma (NASDAQ:PDLI)

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