PDL BioPharma, Inc. (NASDAQ: PDLI) spotted trading -42.42% off 52-week high price. On the other end, the stock has been noted 1.36% away from the low price over the last 52-weeks. The stock changed -5.49% to recent value of $2.24. The stock transacted 5765551 shares during most recent day however it has an average volume of 1166.16K shares. The company has 117.29M of outstanding shares and 110.99M shares were floated in the market.
PDL BioPharma, Inc. (NASDAQ: PDLI) announced that the Supreme Court of New York, County of New York, Commercial Division, issued its decision today in PDL’s previously disclosed litigation related to defaults by Wellstat Diagnostics on loans made to it by the Company. The loans of $44,100,000 were made pursuant to a loan agreement between Wellstat Diagnostics and PDL dated August 2013. Today’s decision resolved a dispute regarding the validity and enforceability of guarantees on the loan made by related entities of Wellstat Diagnostics (the “Wellstat Diagnostics Guarantors”).
The summary judgment decision holds that the guarantees executed by the Wellstat Diagnostics Guarantors are valid and enforceable, and that the Wellstat Diagnostics Guarantors are liable for the amount owed under the loan agreement. The court ordered a damages inquest before a special referee to calculate the amount owed under the loan agreement between Wellstat Diagnostics and PDL. PDL expects to seek recovery for the full amount due under the terms of the loan, including the principal, accumulated interest, further advances and fees.
“We are very pleased with the decision by the Supreme Court of New York” said Dominique Monnet, president and CEO of PDL. “We view the Company’s anticipated award in this case as an excellent outcome for our company and our shareholders.”
The Wellstat Diagnostic Guarantors have 30 days from the filing of the notice of entry of the New York Court’s decision on summary judgment to file a notice of appeal to the Appellate Division of the Supreme Court of New York.
Its earnings per share (EPS) expected to touch remained -166.30% for this year while earning per share for the next 5-years is expected to reach at 14.00%. PDLI has a gross margin of 62.50% while its profit margin remained 34.10% for the last 12 months.
According to the most recent quarter its current ratio was 10.4 that represents company’s ability to meet its current financial obligations. The price moved ahead of -7.63% from the mean of 20 days, -19.03% from mean of 50 days SMA and performed -28.25% from mean of 200 days price. Company’s performance for the week was 1.36%, -14.50% for month and YTD performance remained -22.76%.