BlackRock Inc. Acquires 713,150 Shares of PDL Biopharma (PDLI)

BlackRock Inc. increased its stake in shares of PDL Biopharma (NASDAQ:PDLI) by 5.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,711,963 shares of the biotechnology company’s stock after acquiring an additional 713,150 shares during the quarter. BlackRock Inc. owned about 9.53% of PDL Biopharma worth $40,311,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Mckinley Capital Management LLC Delaware boosted its position in shares of PDL Biopharma by 123.8% during the fourth quarter. Mckinley Capital Management LLC Delaware now owns 735,307 shares of the biotechnology company’s stock worth $2,015,000 after acquiring an additional 406,688 shares during the last quarter. KBC Group NV boosted its position in shares of PDL Biopharma by 180.6% during the fourth quarter. KBC Group NV now owns 320,456 shares of the biotechnology company’s stock worth $878,000 after acquiring an additional 206,272 shares during the last quarter. Swiss National Bank boosted its position in shares of PDL Biopharma by 8.9% during the fourth quarter. Swiss National Bank now owns 269,200 shares of the biotechnology company’s stock worth $738,000 after acquiring an additional 22,000 shares during the last quarter. California Public Employees Retirement System boosted its position in shares of PDL Biopharma by 12.8% during the fourth quarter. California Public Employees Retirement System now owns 1,224,236 shares of the biotechnology company’s stock worth $3,354,000 after acquiring an additional 139,143 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its position in shares of PDL Biopharma by 312.9% during the fourth quarter. Teacher Retirement System of Texas now owns 52,122 shares of the biotechnology company’s stock worth $143,000 after acquiring an additional 39,499 shares during the last quarter. Hedge funds and other institutional investors own 91.40% of the company’s stock.

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PDLI has been the subject of a number of research reports. Zacks Investment Research upgraded shares of PDL Biopharma from a “hold” rating to a “buy” rating and set a $3.50 target price for the company in a research report on Wednesday, March 14th. TheStreet raised shares of PDL Biopharma from a “d+” rating to a “c-” rating in a research note on Friday, March 9th. Finally, BidaskClub raised shares of PDL Biopharma from a “sell” rating to a “hold” rating in a research note on Friday, April 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $3.50.

PDL Biopharma stock opened at $3.00 on Tuesday. The firm has a market cap of $461.44, a P/E ratio of 4.62 and a beta of 0.36. The company has a current ratio of 3.32, a quick ratio of 3.27 and a debt-to-equity ratio of 0.14. PDL Biopharma has a 52-week low of $2.01 and a 52-week high of $3.55.

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PDL Biopharma Company Profile

PDL BioPharma, Inc acquires and manages companies, products, royalty agreements, and debt facilities in the biotechnology, pharmaceutical, and medical device industries in the United States, Europe, and internationally. The company operates in three segments: Income Generating Assets, Pharmaceutical, and Medical Devices.

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

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