Should PDL BioPharma Inc. (NASDAQ:PDLI) investors track the following data?
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Now that that’s out of the way, let’s discuss the recent info for PDL BioPharma Inc. (NASDAQ:PDLI).
How are hedge funds trading PDL BioPharma Inc. (NASDAQ:PDLI)?
At the end of the second quarter, a total of 13 of the hedge funds we track were bullish in this stock, a change of 0% from one quarter earlier. With hedge funds’ capital changing hands, there exists an “upper tier” of key hedge fund managers who were upping their stakes substantially.
When using filings from the hedgies we track, Renaissance Technologies, managed by Jim Simons, holds the most valuable position in PDL BioPharma Inc. (NASDAQ:PDLI). Renaissance Technologies has a $92.6 million position in the stock, comprising 0.2% of its 13F portfolio. Coming in second is AQR Capital Management, managed by Cliff Asness, which held a $23 million position; 0.1% of its 13F portfolio is allocated to the stock. Remaining hedge funds that hold long positions include Joel Greenblatt’s Gotham Asset Management, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital and John Overdeck and David Siegel’s Two Sigma Advisors.
Judging by the fact that PDL BioPharma Inc. (NASDAQ:PDLI) has experienced declining interest from the top-tier hedge fund industry, it’s safe to say that there is a sect of hedgies that slashed their entire stakes heading into Q2. Interestingly, Bill Miller’s Legg Mason Capital Management cut the largest investment of the 450+ funds we key on, totaling close to $0.6 million in stock. D. E. Shaw’s fund, D E Shaw, also cut its stock, about $0.1 million worth. These bearish behaviors are interesting, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).
How have insiders been trading PDL BioPharma Inc. (NASDAQ:PDLI)?
Bullish insider trading is particularly usable when the company we’re looking at has seen transactions within the past 180 days. Over the last half-year time frame, PDL BioPharma Inc. (NASDAQ:PDLI) has experienced zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
We’ll also take a look at the relationship between both of these indicators in other stocks similar to PDL BioPharma Inc. (NASDAQ:PDLI). These stocks are Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX), Santarus, Inc. (NASDAQ:SNTS), VIVUS, Inc. (NASDAQ:VVUS), Puma Biotechnology Inc (NYSE:PBYI), and MannKind Corporation (NASDAQ:MNKD). This group of stocks belong to the biotechnology industry and their market caps are similar to PDLI’s market cap.