The Shell Asset Management Co. Invests $572,000 in PDL BioPharma Inc. (PDLI)

The Shell Asset Management Co. Invests $572,000 in PDL BioPharma Inc. (PDLI)

Shell Asset Management Co. bought a new stake in PDL BioPharma Inc. (NASDAQ:PDLI) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 170,822 shares of the company’s stock, valued at approximately $572,000. Shell Asset Management Co. owned approximately 0.10% of PDL BioPharma as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. Cubist Systematic Strategies LLC raised its stake in shares of PDL BioPharma by 43.5% in the second quarter. Cubist Systematic Strategies LLC now owns 32,310 shares of the company’s stock valued at $101,000 after buying an additional 9,794 shares during the last quarter. Ifrah Financial Services Inc. raised its stake in shares of PDL BioPharma by 3.4% in the second quarter. Ifrah Financial Services Inc. now owns 33,643 shares of the company’s stock valued at $106,000 after buying an additional 1,107 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of PDL BioPharma by 23.2% in the second quarter. Public Employees Retirement System of Ohio now owns 36,100 shares of the company’s stock valued at $113,000 after buying an additional 6,809 shares during the last quarter. Bayesian Capital Management LP bought a new stake in shares of PDL BioPharma during the first quarter valued at approximately $124,000. Finally, Janney Montgomery Scott LLC bought a new stake in shares of PDL BioPharma during the second quarter valued at approximately $127,000. Institutional investors own 75.20% of the company’s stock.

PDL BioPharma Inc. (NASDAQ:PDLI) opened at 3.29 on Friday. The firm has a market cap of $544.63 million, a P/E ratio of 2.34 and a beta of 0.71. The stock’s 50 day moving average price is $3.23 and its 200 day moving average price is $3.25. PDL BioPharma Inc. has a 1-year low of $2.58 and a 1-year high of $4.62.

PDL BioPharma (NASDAQ:PDLI) last issued its earnings results on Thursday, August 4th. The company reported $0.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.01. PDL BioPharma had a return on equity of 38.94% and a net margin of 53.90%. The firm had revenue of $21 million for the quarter, compared to analyst estimates of $33.46 million. During the same period last year, the company earned $0.47 earnings per share. The firm’s revenue for the quarter was down 84.8% on a year-over-year basis. Equities research analysts predict that PDL BioPharma Inc. will post $0.51 EPS for the current year.

PDLI has been the subject of several research reports. Cowen and Company reaffirmed a “hold” rating and set a $3.50 price target on shares of PDL BioPharma in a research note on Sunday, August 7th. Zacks Investment Research raised PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.00 price target for the company in a research note on Thursday, August 25th.

In related news, VP Peter S. Garcia bought 10,000 shares of the company’s stock in a transaction on Tuesday, August 9th. The shares were purchased at an average cost of $3.00 per share, with a total value of $30,000.00. Following the completion of the transaction, the vice president now directly owns 232,092 shares of the company’s stock, valued at $696,276. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.10% of the stock is owned by company insiders.

PDL BioPharma Company Profile

PDL BioPharma, Inc, formerly Protein Design Labs, Inc, manages a portfolio of patents and royalty assets, consisting of its Queen et al. patents, license agreements with various biotechnology and pharmaceutical companies, and royalty and other assets acquired. The Company provides non-dilutive growth capital and financing solutions to late-stage public and private healthcare companies and offers immediate financial monetization of royalty streams to companies, academic institutions and inventors.

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