PDL BioPharma Inc (NASDAQ:PDLI) Sees Significant Growth in Short Interest

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PDL BioPharma Inc (NASDAQ:PDLI) saw a significant increase in short interest in the month of November. As of November 29th, there was short interest totalling 12,430,000 shares, an increase of 8.2% from the November 14th total of 11,490,000 shares. Based on an average trading volume of 1,540,000 shares, the days-to-cover ratio is presently 8.1 days. Currently, 11.2% of the shares of the company are sold short.

Shares of NASDAQ PDLI traded down $0.07 during midday trading on Friday, reaching $3.36. 7,796,571 shares of the company traded hands, compared to its average volume of 1,290,122. PDL BioPharma has a 52 week low of $2.06 and a 52 week high of $3.89. The stock has a 50-day moving average price of $2.99 and a 200 day moving average price of $2.76. The company has a debt-to-equity ratio of 0.21, a current ratio of 9.94 and a quick ratio of 9.43. The company has a market cap of $391.65 million, a price-to-earnings ratio of 9.08 and a beta of 0.67.

PDL BioPharma (NASDAQ:PDLI) last issued its quarterly earnings data on Wednesday, November 6th. The biotechnology company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. PDL BioPharma had a negative net margin of 32.13% and a positive return on equity of 6.71%. The business had revenue of $44.17 million for the quarter. As a group, analysts expect that PDL BioPharma will post -0.07 EPS for the current year.

Several equities analysts have recently issued reports on the stock. Cowen reissued a “hold” rating and set a $3.00 price target on shares of PDL BioPharma in a report on Monday, December 9th. ValuEngine upgraded shares of PDL BioPharma from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. Finally, BidaskClub upgraded shares of PDL BioPharma from a “sell” rating to a “hold” rating in a research note on Tuesday, December 3rd. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the company. PDL BioPharma has an average rating of “Hold” and a consensus target price of $3.13.

Several hedge funds and other institutional investors have recently modified their holdings of PDLI. Marshall Wace LLP bought a new stake in shares of PDL BioPharma during the first quarter valued at about $160,000. Strs Ohio raised its stake in shares of PDL BioPharma by 3.4% during the second quarter. Strs Ohio now owns 199,900 shares of the biotechnology company’s stock valued at $627,000 after purchasing an additional 6,600 shares in the last quarter. Virginia Retirement Systems ET AL raised its stake in shares of PDL BioPharma by 7.8% during the second quarter. Virginia Retirement Systems ET AL now owns 124,700 shares of the biotechnology company’s stock valued at $392,000 after purchasing an additional 9,000 shares in the last quarter. KBC Group NV raised its stake in shares of PDL BioPharma by 51.1% during the second quarter. KBC Group NV now owns 253,780 shares of the biotechnology company’s stock valued at $797,000 after purchasing an additional 85,826 shares in the last quarter. Finally, Swiss National Bank raised its stake in shares of PDL BioPharma by 2.1% during the second quarter. Swiss National Bank now owns 271,700 shares of the biotechnology company’s stock valued at $853,000 after purchasing an additional 5,600 shares in the last quarter. Institutional investors and hedge funds own 87.05% of the company’s stock.

About PDL BioPharma

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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