Alps Advisors Inc. Sells 24,829 Shares of PDL BioPharma Inc (NASDAQ:PDLI)

Alps Advisors Inc. cut its holdings in shares of PDL BioPharma Inc (NASDAQ:PDLI) by 9.8% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 227,682 shares of the biotechnology company’s stock after selling 24,829 shares during the period. Alps Advisors Inc.’s holdings in PDL BioPharma were worth $492,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. JPMorgan Chase & Co. lifted its holdings in PDL BioPharma by 4.1% during the second quarter. JPMorgan Chase & Co. now owns 132,775 shares of the biotechnology company’s stock worth $405,000 after acquiring an additional 5,257 shares in the last quarter. United Services Automobile Association lifted its holdings in PDL BioPharma by 6.5% during the second quarter. United Services Automobile Association now owns 86,296 shares of the biotechnology company’s stock worth $271,000 after acquiring an additional 5,273 shares in the last quarter. Swiss National Bank lifted its holdings in PDL BioPharma by 2.1% during the second quarter. Swiss National Bank now owns 271,700 shares of the biotechnology company’s stock worth $853,000 after acquiring an additional 5,600 shares in the last quarter. Strs Ohio lifted its holdings in PDL BioPharma by 3.4% during the second quarter. Strs Ohio now owns 199,900 shares of the biotechnology company’s stock worth $627,000 after acquiring an additional 6,600 shares in the last quarter. Finally, Virginia Retirement Systems ET AL lifted its holdings in 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 worth $392,000 after acquiring an additional 9,000 shares in the last quarter. Hedge funds and other institutional investors own 93.69% of the company’s stock.

A number of brokerages have recently commented on PDLI. ValuEngine upgraded PDL BioPharma from a “hold” rating to a “buy” rating in a report on Friday, November 1st. Cowen set a $3.00 price target on PDL BioPharma and gave the company a “hold” rating in a report on Wednesday, August 7th. Finally, BidaskClub upgraded PDL BioPharma from a “strong sell” rating to a “sell” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $3.13.

Shares of PDL BioPharma stock opened at $2.90 on Thursday. 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 stock’s 50-day moving average is $2.53 and its 200-day moving average is $2.78. The firm has a market cap of $332.28 million, a price-to-earnings ratio of 7.84 and a beta of 0.63. PDL BioPharma Inc has a one year low of $2.06 and a one year high of $3.89.

PDL BioPharma Profile

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

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