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PDL BioPharma Rises On Better-than-seen Outlook

Stock quotes in this article: BIIB , DNA , PDLI  

NEW YORK (AP) — Shares of PDL BioPharma Inc. jumped Monday after the company said it expects a revenue boost in the second quarter from royalties on a mix of drugs, including the blockbuster cancer treatment Avastin and respiratory virus drug Synagis.

The biotechnology stock gained 22 cents, or 3.1 percent, to reach $7.38 in morning trading. Shares have traded between $5.20 and $12.70 over the last 52 weeks.

The Incline Village, Nev.-based company expects revenue of about $125 million during the quarter, up 18 percent from $106 million a year prior. Analysts polled by Thomson Reuters expect revenue of $114.7 million, on average. ...

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