PDL downgraded to market perform by JMP

PDL BioPharma, Inc. was downgraded to market perform from market outperform due to its first-quarter financial results and lack of clear revenue acceleration. Top line revenues and bottom line earnings were weaker than expected, missing JMP's and consensus expectations. Shares of the Fremont, Calif., biopharmaceutical company were down $6.49, or 23.52%, at $21.10 on volume of 36,741,084 shares versus the three-month running average of 1,931,380 shares. (Nasdaq: PDLI)

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