PDL BioPharma (PDLI) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 10,891,866 to 7,833,748 shares, with 4 days to go before the expiry. The short open interest has decreased by -28.1%, amounting to a reduction of -3,058,118 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 5.1% of the float of the company. The average daily volume of the stock is 2,155,883 shares. The short interest information was released on Wednesday Aug 24th after the market close.
PDL BioPharma (NASDAQ:PDLI): The stock opened at $2.85 on Wednesday but the bulls could not build on the opening and the stock topped out at $2.90 for the day. The stock traded down to $2.76 during the day, due to lack of any buying support eventually closed down at $2.76 with a loss of -3.50% for the day. The stock had closed at $2.86 on the previous day. The total traded volume was 1,059,556 shares.
In a related news, Garcia Peter S, CFO of Pdl Biopharma, Inc. had purchased 10,000 shares on August 9, 2016 in a transaction. The price per share was $2.99 and the total amount of the disclosed transaction was $29,900.The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing. This information is based on open market transaction at the market prices.
PDL BioPharma, Inc., manages a portfolio of patents and royalty assets, consisting of its Queen et al. patents, license agreements with various biotechnology and pharmaceutical companies, and royalty and other assets acquired. The Company provides non-dilutive growth capital and financing solutions to late-stage public and private healthcare companies and offers immediate financial monetization of royalty streams to companies, academic institutions, and inventors. It is focused on intellectual property asset management, acquiring new income generating assets and maximizing value for its stockholders. The Company receives royalties on a number of marketed products that use its technology and it has liscensed a number of humanized antibody products in late-stage clinical trials. As of December 31, 2014, the Company received royalties on sales of the ten humanized antibody products, which include Avastin, Herceptin, Xolair, Lucentis, Perjeta, Kadcyla, Tysabri, Actemra, Gazyva and Entyvio.