JPMorgan Chase & Co. Decreases Holdings in PDL BioPharma, Inc. (PDLI)

JPMorgan Chase & Co. reduced its holdings in shares of PDL BioPharma, Inc. (NASDAQ:PDLI) by 31.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,223,658 shares of the biotechnology company’s stock after selling 549,767 shares during the quarter. JPMorgan Chase & Co. owned 0.76% of PDL BioPharma worth $3,022,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in PDL BioPharma by 43.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,948 shares of the biotechnology company’s stock worth $104,000 after buying an additional 14,000 shares during the period. KBC Group NV purchased a new stake in PDL BioPharma during the first quarter worth approximately $107,000. Credit Agricole S A grew its stake in PDL BioPharma by 34.9% during the first quarter. Credit Agricole S A now owns 50,000 shares of the biotechnology company’s stock worth $114,000 after buying an additional 12,942 shares during the period. Public Employees Retirement System of Ohio grew its stake in PDL BioPharma by 15.3% during the first quarter. Public Employees Retirement System of Ohio now owns 55,423 shares of the biotechnology company’s stock worth $126,000 after buying an additional 7,336 shares during the period. Finally, Airain ltd grew its stake in PDL BioPharma by 21.0% during the second quarter. Airain ltd now owns 56,911 shares of the biotechnology company’s stock worth $141,000 after buying an additional 9,893 shares during the period. Institutional investors own 83.34% of the company’s stock.

Several equities research analysts have issued reports on PDLI shares. BidaskClub downgraded shares of PDL BioPharma from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 11th. Zacks Investment Research upgraded 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 note on Wednesday, August 16th. Piper Jaffray Companies reiterated a “buy” rating and set a $4.00 price objective on shares of PDL BioPharma in a research note on Thursday, August 10th. Finally, ValuEngine downgraded shares of PDL BioPharma from a “buy” rating to a “hold” rating in a research note on Wednesday, September 6th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $3.50.

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Shares of PDL BioPharma, Inc. (PDLI) opened at 3.49 on Wednesday. The firm’s 50-day moving average is $3.21 and its 200 day moving average is $2.57. PDL BioPharma, Inc. has a 1-year low of $1.93 and a 1-year high of $3.77. The stock has a market capitalization of $537.74 million, a P/E ratio of 8.02 and a beta of 0.49.

PDL BioPharma (NASDAQ:PDLI) last issued its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.17. PDL BioPharma had a net margin of 23.03% and a return on equity of 9.07%. The firm had revenue of $143.80 million for the quarter, compared to analyst estimates of $56.30 million. During the same quarter last year, the firm earned $0.09 earnings per share. The company’s revenue for the quarter was up 584.8% on a year-over-year basis. On average, analysts expect that PDL BioPharma, Inc. will post $0.61 EPS for the current fiscal year.

PDL BioPharma declared that its board has approved a share buyback plan on Monday, September 25th that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the biotechnology company to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

PDL BioPharma 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.

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

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