Principal Financial Group Inc. Sells 3,534 Shares of PDL BioPharma, Inc. (PDLI)

Principal Financial Group Inc. lowered its stake in shares of PDL BioPharma, Inc. (NASDAQ:PDLI) by 5.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 56,380 shares of the biotechnology company’s stock after selling 3,534 shares during the period. Principal Financial Group Inc.’s holdings in PDL BioPharma were worth $128,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in PDLI. Nine Chapters Capital Management LLC raised its position in PDL BioPharma by 52.9% in the first quarter. Nine Chapters Capital Management LLC now owns 183,000 shares of the biotechnology company’s stock valued at $415,000 after buying an additional 63,300 shares during the last quarter. Parametric Portfolio Associates LLC raised its position in PDL BioPharma by 0.9% in the first quarter. Parametric Portfolio Associates LLC now owns 1,628,158 shares of the biotechnology company’s stock valued at $3,696,000 after buying an additional 14,039 shares during the last quarter. Karp Capital Management Corp acquired a new position in PDL BioPharma during the first quarter valued at about $783,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in PDL BioPharma by 43.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,948 shares of the biotechnology company’s stock valued at $104,000 after buying an additional 14,000 shares during the last quarter. Finally, HPM Partners LLC acquired a new position in PDL BioPharma during the first quarter valued at about $163,000. Hedge funds and other institutional investors own 84.21% of the company’s stock.

PDL BioPharma, Inc. (NASDAQ:PDLI) opened at 2.39 on Friday. The stock has a market capitalization of $384.75 million, a price-to-earnings ratio of 26.26 and a beta of 0.58. The stock’s 50 day moving average is $2.41 and its 200 day moving average is $2.28. PDL BioPharma, Inc. has a 12-month low of $1.93 and a 12-month high of $3.77.

PDL BioPharma (NASDAQ:PDLI) last released its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.17. PDL BioPharma had a net margin of 23.03% and a return on equity of 9.25%. The firm had revenue of $143.80 million for the quarter, compared to the consensus estimate of $56.30 million. During the same period last year, the firm earned $0.09 earnings per share. The company’s quarterly revenue was up 584.8% on a year-over-year basis. Equities analysts predict that PDL BioPharma, Inc. will post $0.26 earnings per share for the current fiscal year.

COPYRIGHT VIOLATION WARNING: “[[title]]” was originally reported by [[site]] and is the property of of [[site]]. If you are reading this piece of content on another website, it was copied illegally and republished in violation of U.S. & international copyright and trademark law. The original version of this piece of content can be viewed at [[permalink]].

Several equities analysts have recently issued reports on the stock. BidaskClub lowered shares of PDL BioPharma from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. ValuEngine lowered shares of PDL BioPharma from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Zacks Investment Research upgraded shares of PDL BioPharma from a “sell” rating to a “hold” rating in a report on Monday, May 15th. Finally, Cowen and Company reiterated a “hold” rating on shares of PDL BioPharma in a report on Wednesday, May 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $3.50.

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.