Idera Pharmaceuticals Inc (IDRA) Receives $20.21 Average Price Target from Analysts

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Idera Pharmaceuticals Inc (NASDAQ:IDRA) has been given an average recommendation of “Hold” by the nine ratings firms that are covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $22.50.

IDRA has been the subject of a number of recent research reports. BidaskClub downgraded shares of Idera Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, June 22nd. Zacks Investment Research raised shares of Idera Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, June 23rd. Wedbush dropped their price target on shares of Idera Pharmaceuticals from $40.00 to $24.00 and set an “outperform” rating for the company in a research note on Monday, July 16th. ValuEngine raised shares of Idera Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 30th. Finally, HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Idera Pharmaceuticals in a research note on Monday, August 6th.

In other news, Director James A. Geraghty bought 10,000 shares of the stock in a transaction on Tuesday, August 7th. The stock was purchased at an average price of $5.58 per share, with a total value of $55,800.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Invest Corp Pillar sold 166,893 shares of the company’s stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $5.58, for a total transaction of $931,262.94. The disclosure for this sale can be found here. 20.48% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of the business. Northern Trust Corp increased its stake in Idera Pharmaceuticals by 7.8% in the second quarter. Northern Trust Corp now owns 1,775,754 shares of the biotechnology company’s stock valued at $2,344,000 after purchasing an additional 128,334 shares in the last quarter. California Public Employees Retirement System increased its stake in Idera Pharmaceuticals by 20.9% in the second quarter. California Public Employees Retirement System now owns 194,217 shares of the biotechnology company’s stock valued at $256,000 after purchasing an additional 33,617 shares in the last quarter. BlackRock Inc. increased its stake in Idera Pharmaceuticals by 11.7% in the second quarter. BlackRock Inc. now owns 10,043,638 shares of the biotechnology company’s stock valued at $13,257,000 after purchasing an additional 1,048,482 shares in the last quarter. GSA Capital Partners LLP bought a new stake in Idera Pharmaceuticals in the second quarter valued at approximately $179,000. Finally, Rhumbline Advisers increased its stake in Idera Pharmaceuticals by 20.3% in the second quarter. Rhumbline Advisers now owns 145,144 shares of the biotechnology company’s stock valued at $192,000 after purchasing an additional 24,461 shares in the last quarter.

IDRA opened at $8.50 on Tuesday. Idera Pharmaceuticals has a fifty-two week low of $5.20 and a fifty-two week high of $20.40.

Idera Pharmaceuticals (NASDAQ:IDRA) last posted its quarterly earnings results on Thursday, August 2nd. The biotechnology company reported ($0.59) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.82) by $0.23. The business had revenue of $0.16 million during the quarter, compared to the consensus estimate of $0.18 million. Idera Pharmaceuticals had a negative net margin of 8,686.36% and a negative return on equity of 74.17%. On average, equities research analysts forecast that Idera Pharmaceuticals will post -2.58 earnings per share for the current fiscal year.

About Idera Pharmaceuticals

Idera Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of oligonucleotide therapeutics for oncology and rare diseases in the United States. The company uses two drug discovery technology platforms to design and develop drug candidates, including toll-like receptor targeting technology and nucleic acid chemistry technology.

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Analyst Recommendations for Idera Pharmaceuticals (NASDAQ:IDRA)

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