PDL BioPharma Shares Up After It Said It Was Establishing A

Financial News Network
March 01, 2011 AT 4:15 AM
PDL BioPharma (NASDAQ:PDLI) shares are trading 13.58% higher at $5.52 after the company said it is establishing a regular dividend of $0.15 per share, to be paid in March, June, September and December, according to a Bloomberg report.The company separately said that the company has entered into a settlement agreement with Novartis AG (NYSE:NVS) that resolved all disputes between them.PDL BioPharma has a potential upside of 17.4% based on a current price of $5.54 and an average consensus analyst price target of $6.50.