Why PDL BioPharma Stock Is Soaring Today
Shares of PDL BioPharma (NASDAQ: PDLI) had soared 15.1% higher as of 11:26 a.m. EDT on Wednesday. The big jump came after a large shareholder, Engine Capital, called for PDL's board of directors "to immediately cease its investment activities and commence a review of strategic alternatives, including a possible sale or liquidation of the Company."
Engine Capital owns around 5.3% of PDL BioPharma. When a shareholder with such a significant stake pushes a company's board to do something, it will at least get the board's attention.
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Source Fool.com
