PDL BioPharma Inc (PDLI) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its stake in PDL BioPharma Inc (NASDAQ:PDLI) by 2.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,318,645 shares of the biotechnology company’s stock after purchasing an additional 35,617 shares during the period. Bank of New York Mellon Corp’s holdings in PDL BioPharma were worth $3,468,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Meeder Asset Management Inc. raised its position in shares of PDL BioPharma by 76.9% during the 3rd quarter. Meeder Asset Management Inc. now owns 57,350 shares of the biotechnology company’s stock valued at $151,000 after acquiring an additional 24,925 shares during the last quarter. United Services Automobile Association raised its position in shares of PDL BioPharma by 47.3% during the 2nd quarter. United Services Automobile Association now owns 68,212 shares of the biotechnology company’s stock valued at $160,000 after acquiring an additional 21,899 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of PDL BioPharma by 83.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 254,196 shares of the biotechnology company’s stock valued at $669,000 after acquiring an additional 115,956 shares during the last quarter. Systematic Financial Management LP raised its position in shares of PDL BioPharma by 21.7% during the 3rd quarter. Systematic Financial Management LP now owns 603,460 shares of the biotechnology company’s stock valued at $1,587,000 after acquiring an additional 107,610 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ raised its position in shares of PDL BioPharma by 26.0% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,161,800 shares of the biotechnology company’s stock valued at $3,056,000 after acquiring an additional 240,100 shares during the last quarter. Hedge funds and other institutional investors own 85.58% of the company’s stock.

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PDLI has been the subject of several recent research reports. BidaskClub upgraded shares of PDL BioPharma from a “hold” rating to a “buy” rating in a research report on Friday, January 4th. ValuEngine upgraded shares of PDL BioPharma from a “hold” rating to a “buy” rating in a research report on Friday, December 21st. TheStreet upgraded shares of PDL BioPharma from a “d+” rating to a “c-” rating in a research report on Wednesday, February 6th. Cowen reiterated a “hold” rating and set a $3.00 target price on shares of PDL BioPharma in a research report on Tuesday, November 6th. Finally, Zacks Investment Research upgraded shares of PDL BioPharma from a “sell” rating to a “hold” rating in a research report on Tuesday, January 15th. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $3.25.

Shares of PDL BioPharma stock opened at $3.33 on Friday. The firm has a market cap of $486.10 million, a price-to-earnings ratio of 5.29 and a beta of 0.50. PDL BioPharma Inc has a 52 week low of $2.25 and a 52 week high of $3.37. The company has a debt-to-equity ratio of 0.17, a current ratio of 10.88 and a quick ratio of 10.61.

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PDL BioPharma Profile

PDL BioPharma, Inc produces and markets biopharmaceutical products. It operates through the following segments: Income Generating Assets, Pharmaceutical, and Medical Devices. The Income Generating Assets segment consists of revenues derived from notes and other long-term receivables, royalty rights-at fair value, equity investments, and royalties from issued patents in the United States and elsewhere.

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