BioCentury
ARTICLE | Finance

Ebb & Flow

August 27, 2007 7:00 AM UTC

Activist investors enjoyed an immediate pop after PDL BioPharma CEO Mark McDade announced last week that he would resign by year end. The news boosted the shares $2.65 (13%) to $23.81 on the week, while the stock earned upgrades from two of the six analysts covering the company.

Hedge fund Third Pointhas been publicly calling for McDade to depart since April, while co-founder Cary Queen seconded that sentiment in May (see BioCentury, April 16 & May 14). ...