Brandes Investment Partners LP Purchases 3,663,908 Shares of PDL BioPharma Inc (PDLI)
Brandes Investment Partners LP boosted its position in PDL BioPharma Inc (NASDAQ:PDLI) by 1,343.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,936,719 shares of the biotechnology company’s stock after acquiring an additional 3,663,908 shares during the period. Brandes Investment Partners LP owned 2.71% of PDL BioPharma worth $10,354,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in PDLI. Dimensional Fund Advisors LP lifted its stake in PDL BioPharma by 8.7% in the second quarter. Dimensional Fund Advisors LP now owns 12,514,490 shares of the biotechnology company’s stock valued at $29,284,000 after buying an additional 996,690 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in PDL BioPharma by 18.5% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,677,647 shares of the biotechnology company’s stock valued at $13,286,000 after buying an additional 887,945 shares during the period. West Family Investments Inc. acquired a new position in PDL BioPharma in the second quarter valued at about $791,000. Skandinaviska Enskilda Banken AB publ lifted its stake in PDL BioPharma by 26.0% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 1,161,800 shares of the biotechnology company’s stock valued at $3,056,000 after buying an additional 240,100 shares during the period. Finally, Alambic Investment Management L.P. acquired a new position in PDL BioPharma in the second quarter valued at about $382,000. 86.96% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have weighed in on PDLI shares. TheStreet lowered PDL BioPharma from a “c-” rating to a “d+” rating in a research note on Friday, August 17th. ValuEngine lowered PDL BioPharma from a “buy” rating to a “hold” rating in a research note on Thursday, August 23rd. Cowen reissued a “hold” rating and issued a $3.00 target price on shares of PDL BioPharma in a research note on Tuesday, November 6th. BidaskClub raised PDL BioPharma from a “sell” rating to a “hold” rating in a research note on Friday, October 5th. Finally, Zacks Investment Research lowered PDL BioPharma from a “hold” rating to a “sell” rating in a research note on Tuesday, July 24th. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $3.25.
PDL BioPharma (NASDAQ:PDLI) last released its quarterly earnings results on Tuesday, November 6th. The biotechnology company reported $0.07 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.07. The company had revenue of $67.90 million for the quarter. PDL BioPharma had a positive return on equity of 7.72% and a negative net margin of 28.41%. Research analysts anticipate that PDL BioPharma Inc will post -0.51 EPS for the current year.
PDL BioPharma announced that its board has approved a share buyback program on Monday, September 24th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the biotechnology company to reacquire up to 27.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
About PDL BioPharma
PDL BioPharma, Inc acquires and manages companies, products, royalty agreements, and debt facilities in the biotechnology, pharmaceutical, and medical device industries in the United States, Europe, and internationally. The company operates in three segments: Income Generating Assets, Pharmaceutical, and Medical Devices.
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