PDL BioPharma (NASDAQ:PDLI) declared that its Board of Directors has authorized a stock buyback plan, which authorizes the company to repurchase $100.00 million in outstanding shares on Monday, September 24th. This repurchase authorization authorizes the biotechnology company to purchase up to 27.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Several brokerages have recently weighed in on PDLI. Cowen reissued a “hold” rating and issued a $2.50 price objective on shares of PDL BioPharma in a research report on Thursday, June 14th. Zacks Investment Research lowered shares of PDL BioPharma from a “hold” rating to a “sell” rating in a research report on Tuesday, July 24th. BidaskClub lowered shares of PDL BioPharma from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 8th. TheStreet lowered shares of PDL BioPharma from a “c-” rating to a “d+” rating in a research report on Friday, August 17th. Finally, ValuEngine lowered shares of PDL BioPharma from a “buy” rating to a “hold” rating in a research report on Thursday, August 23rd. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $3.00.
Shares of PDLI opened at $2.54 on Thursday. The stock has a market capitalization of $366.41 million, a PE ratio of 4.03 and a beta of 0.30. PDL BioPharma has a fifty-two week low of $2.25 and a fifty-two week high of $3.55. The company has a debt-to-equity ratio of 0.17, a quick ratio of 10.80 and a current ratio of 11.13.
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.
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