JMP reiterates PDL at market outperform

PDL BioPharma, Inc. was reiterated at market outperform by JMP Securities analyst Charles C. Duncan on news that the company reported solid financial results in 2005 with clinical progress expected for 2006. JMP raised its price target to $33 from $31 and its revenue expectations in 2006 to $418 million from $315 million. The analyst is raising its 2006 earnings-per-share forecast to $0.24 from $0.14 and expects the company to be "sustainably profitable" in 2006. Shares of the Fremont, Calif., biopharmaceutical company were up 76 cents, or 2.49%, at $31.31 on volume of 3,457,766 shares versus the three-month running average of 1,319,630 shares. (Nasdaq: PDLI)

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