PDL BioPharma Announces Stock Repurchase
PDL BioPharma (PDLI) announced on September 25 that its board of directors authorized a new stock repurchase program. PDL will be able to purchase up to $25 million worth of its common stock. The company has a market cap of $500 million, so this repurchase amounts to about 5% of the total outstanding shares.
Sonal sent out a level 2 alert at 7:00 am before the first trade occurred at $3.10 when the market opened.
The stock surged in the first few hours of trading before settling into a range and closing at $3.36. Investors earned almost 7% return on the day’s positive news.
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