Zacks Investment Research upgraded shares of PDL BioPharma, Inc. (PDLI) from NEUTRAL to OUTPERFORM on September 19, 2014, with a target price of $9.50.
PDL BioPharma expects to generate revenues of roughly $165 million in the third quarter of 2014, up 65% year over year. The anticipated rise in royalty revenues primarily emanates from higher second quarter sales of Avastin, Herceptin, Kadcyla, Actemra, Tysabri and Perjeta for which PDL BioPharma will receive royalties. Also, the Roche settlement came as a huge relief to PDL BioPharma. We are also encouraged by the company's royalty agreements with companies like Viscogliosi Brothers. We believe that the current price represents an attractive entry point for long-term investors with plenty of scope for appreciation. Consequently, we upgrade the stock to Outperform.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
To get a free copy of the research report on PDL BioPharma, Inc. (PDLI),
click here.
For more information about research offerings from Zacks Investment Research, visit
Zacks.com .
Be the first to comment