Feuerstein's Biotech-Stock Mailbag

Welcome back to the Biotech Mailbag, the post-ASCO edition.

I returned home Tuesday from five days in Chicago at the annual meeting of the American Society of Clinical Oncology. I'm still trying to catch up on sleep and work though a lot of unanswered email, but let's hope this column takes care of some of your unanswered questions. As always, email me here.

There will be no mention of cancer drugs in next week's mailbag. I promise. I think cancer needs a rest, and so do you, probably.

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Hedge fund manager and activist investor Daniel Loeb of Third Point has been dipping his pen into the poison inkwell often these days to excoriate PDL BioPharma(PDLI Quote) CEO Mark McDade.

Loeb wants McDade's hide on the wall and he hasn't been shy about letting everyone know that the company needs to shape up or be sold.

The run in PDL stock from the midteens to the mid-20s seems to reflect investor sentiment that Loeb will get his trophy, and if new management is put in place, there could be some kind of deal for the company to follow.

So, who might be interested in buying PDL? How about Biogen Idec(BIIB Quote)?

That's the guess of a friend, an institutional broker, who is admittedly long PDL. In other words, he's not a disinterested party to this story. But his argument seemed logical enough to repeat here.