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Cramer Pick: Activist Investors & Underperforming Management

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By Douglas A. McIntyre Published
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Cramer also has a pick of underperforming management and activist activity.  This pick is PDL BioPharma (PDLI-NASDAQ).  The company gets royalties from Avastin and Herceptin from Genentech, but the company has made many bad decisions.  PDLI now has an activist investor called Third Point LLC that wanst a board seat.  This group is experienced, and now they think the stock should be worth $39 to $59 instead of the $20+ area now.  They have invested in NABI and LGND as past investments.  Cramer thinks that PDLI can be "un-locked" with Third Point.  Cramer thinks the contracts with Genentech are good through 2014 anhd they are worth $16.00 per share.  They spent $500 million on a buyout that didn’t make sense. They spent more than $200 million on cap-ex as they thought that they were going to have a drug of their own with an FDA approval.  He thinks it has $4.00 downside and has $20.00 or more in upside.

Jon C. Ogg
March 26, 2007

Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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