PDL BioPharma (NASDAQ:PDLI) stock identified change of 68.45% away from 52-week low price and recently located move of -10.10% off 52-week high price. It has market worth of $410.61M. PDLI stock has been recorded 13.74% away from 50 day moving average and 18.54% away from 200 day moving average. Moving closer, we can see that shares have been trading 12.50% off 20-day moving average.

On May 05, 2020, PDL BioPharma (NASDAQ:PDLI) disclosed that the Company’s Board of Directors has approved a distribution of all of the Company’s 13,333,334 shares of common stock of Evofem Biosciences (Evofem) (Nasdaq: EVFM) via a special one-time dividend to PDL stockholders.

In consultation with our financial advisors, we have concluded that a stock distribution is the most effective way to maximize the transfer of value to our shareholders from our ownership in Evofem, said Dominique Monnet, president and CEO of PDL. We explored a number of alternatives, including the sale of our Evofem shares via a private sale or a secondary offering, and believe that in the current environment a stock distribution is in the best interest of our shareholders.  This distribution will enable PDL shareholders to make their own investment decisions regarding the Evofem shares they receive through this distribution.  This dividend represents the first tangible transfer of asset value directly to our shareholders under our Plan of Liquidation.

Subject to certain conditions, the Evofem shares will be distributed on May 21, 2020 (the distribution date) to PDL shareholders of record as of the close of business on May 15, 2020 (the record date).  The distribution will take place in the form of a pro rata common stock dividend of shares of Evofem to each PDL stockholder of record on the record date.  As of May 5, 2020, PDL had 116,346,762 shares of common stock, par value $0.01 per share, outstanding.  Based on this number, PDL estimates that PDL stockholders will receive approximately 0.115 shares of Evofem common stock for each share of PDL common stock held as of the close of business on the record date.  The final distribution ratio will be determined based on the number of PDL common shares outstanding on the record date.  None of the distributed Evofem shares will be subject to any lockup period for PDL stockholders.

The Healthcare sector company, PDL BioPharma noticed change of 0.87% to $3.47 along volume of 1759123 shares in recent session compared to an average volume of 1.46M. The stock observed return of 9.64% in 5 days trading activity. The stock was at 30.45% over one month performance. PDLI’s shares are at 2.36% for the quarter and driving a 2.36% return over the course of the past year and is now at 6.93% since this point in 2018.

The average volatility for the week at 5.94% and for month was at 5.62%. There are 118.33M shares outstanding and 113.15M shares are floated in market. Right now the stock beta is 0.88.