Mackenzie Financial Corp increased its stake in shares of PDL BioPharma Inc (NASDAQ:PDLI) by 39.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,074,015 shares of the biotechnology company’s stock after buying an additional 1,423,471 shares during the quarter. Mackenzie Financial Corp owned 3.29% of PDL BioPharma worth $17,201,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Public Employees Retirement System of Ohio increased its holdings in PDL BioPharma by 15.3% during the 1st quarter. Public Employees Retirement System of Ohio now owns 55,423 shares of the biotechnology company’s stock valued at $126,000 after purchasing an additional 7,336 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in PDL BioPharma during the 3rd quarter valued at $131,000. Airain ltd increased its holdings in PDL BioPharma by 21.0% during the 2nd quarter. Airain ltd now owns 56,911 shares of the biotechnology company’s stock valued at $141,000 after purchasing an additional 9,893 shares in the last quarter. BNP Paribas Arbitrage SA increased its holdings in PDL BioPharma by 141.7% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 53,584 shares of the biotechnology company’s stock valued at $182,000 after purchasing an additional 31,418 shares in the last quarter. Finally, Voya Investment Management LLC increased its holdings in PDL BioPharma by 15.7% during the 2nd quarter. Voya Investment Management LLC now owns 82,612 shares of the biotechnology company’s stock valued at $204,000 after purchasing an additional 11,235 shares in the last quarter. Institutional investors and hedge funds own 88.37% of the company’s stock.
PDL BioPharma Inc (NASDAQ PDLI) traded down $0.15 during midday trading on Friday, hitting $2.74. The stock had a trading volume of 1,253,483 shares, compared to its average volume of 1,420,859. The firm has a market cap of $446.04, a PE ratio of 5.37 and a beta of 0.45. PDL BioPharma Inc has a one year low of $1.96 and a one year high of $3.55. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.16 and a quick ratio of 3.10.
PDL BioPharma announced that its Board of Directors has approved a share repurchase program on Monday, September 25th that authorizes the company to buyback $25.00 million in shares. This buyback authorization authorizes the biotechnology company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of equities research analysts recently weighed in on PDLI shares. ValuEngine raised PDL BioPharma from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Cowen reissued a “hold” rating and issued a $3.00 target price on shares of PDL BioPharma in a research note on Friday, October 27th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. PDL BioPharma currently has an average rating of “Buy” and an average target price of $3.33.
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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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