Morgan Stanley trimmed its position in PDL BioPharma Inc (NASDAQ:PDLI) by 90.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 265,843 shares of the biotechnology company’s stock after selling 2,527,392 shares during the quarter. Morgan Stanley owned about 0.23% of PDL BioPharma worth $749,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of PDL BioPharma in the first quarter worth $37,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of PDL BioPharma by 71.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,690 shares of the biotechnology company’s stock worth $44,000 after buying an additional 6,528 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in PDL BioPharma during the 1st quarter valued at $53,000. Mackenzie Financial Corp acquired a new position in PDL BioPharma during the 1st quarter valued at $70,000. Finally, Arizona State Retirement System acquired a new position in PDL BioPharma during the 1st quarter valued at $76,000. Institutional investors and hedge funds own 78.25% of the company’s stock.
Several research firms recently commented on PDLI. TheStreet cut shares of PDL BioPharma from a “c-” rating to a “d+” rating in a research note on Monday, July 13th. Zacks Investment Research upgraded shares of PDL BioPharma from a “strong sell” rating to a “hold” rating in a research note on Wednesday. BidaskClub upgraded shares of PDL BioPharma from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 22nd. Finally, ValuEngine cut shares of PDL BioPharma from a “hold” rating to a “sell” rating in a research note on Tuesday, May 19th. Two investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $3.50.
Shares of NASDAQ:PDLI opened at $3.18 on Friday. PDL BioPharma Inc has a 12 month low of $2.06 and a 12 month high of $3.86. The company’s 50-day moving average price is $2.99 and its two-hundred day moving average price is $3.15. The company has a quick ratio of 12.95, a current ratio of 13.21 and a debt-to-equity ratio of 0.02. The firm has a market cap of $362.33 million, a P/E ratio of -3.38 and a beta of 0.83.
PDL BioPharma (NASDAQ:PDLI) last issued its quarterly earnings data on Thursday, May 7th. The biotechnology company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.31). The business had revenue of $6.00 million for the quarter. As a group, equities analysts predict that PDL BioPharma Inc will post -0.14 earnings per share for the current fiscal year.
PDL BioPharma Profile
PDL BioPharma, Inc acquires, manages, and commercializes commercial stage pharmaceutical assets and late clinical stage pharmaceutical products in the United States, Europe, and internationally. The company operates in three segments: Pharmaceutical, Medical Devices, and Income Generating Assets. The Pharmaceutical segment manufactures, markets, and sells prescription medicine products for the treatment of hypertension to wholesalers under the Tekturna and Tekturna HCT names in the United States, as well as under the Rasilez and Rasilez HCT names internationally.
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