Zacks Investment Research upgraded shares of Idera Pharmaceuticals (NASDAQ:IDRA) from a hold rating to a buy rating in a report issued on Thursday, Zacks.com reports. The firm currently has $3.25 price target on the biotechnology company’s stock.
According to Zacks, “Idera Pharmaceuticals, Inc. is a drug discovery and development company that is developing drug candidates to treat cancer and infectious, respiratory, and autoimmune diseases, and for use in combination with therapeutic and prophylactic vaccines. Idera’s proprietary drug candidates are designed to modulate Toll-like Receptors, the body’s first line of immune defense. Idera’s pioneering DNA chemistry expertise enables it to identify drug candidates for internal development and creates opportunities for multiple collaborative alliances. “
Other equities research analysts also recently issued research reports about the company. HC Wainwright cut their price target on Idera Pharmaceuticals to $14.00 and set a buy rating on the stock in a report on Friday, March 8th. Wedbush set a $7.00 price target on Idera Pharmaceuticals and gave the stock an outperform rating in a report on Thursday, March 7th. Finally, ValuEngine downgraded Idera Pharmaceuticals from a hold rating to a sell rating in a report on Wednesday, May 1st. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $16.75.
NASDAQ IDRA traded down $0.02 during trading hours on Thursday, hitting $2.50. 3,537 shares of the company were exchanged, compared to its average volume of 501,110. Idera Pharmaceuticals has a 52-week low of $2.25 and a 52-week high of $17.12. The company has a market cap of $70.61 million, a price-to-earnings ratio of -1.10 and a beta of 2.59.
Idera Pharmaceuticals (NASDAQ:IDRA) last issued its quarterly earnings results on Thursday, May 2nd. The biotechnology company reported ($0.40) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.46) by $0.06. Idera Pharmaceuticals had a negative return on equity of 73.66% and a negative net margin of 9,045.47%. Analysts anticipate that Idera Pharmaceuticals will post -1.64 EPS for the current year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC purchased a new position in shares of Idera Pharmaceuticals in the 4th quarter valued at about $33,000. Jane Street Group LLC purchased a new position in shares of Idera Pharmaceuticals in the 4th quarter valued at about $39,000. SG Americas Securities LLC purchased a new position in shares of Idera Pharmaceuticals in the 4th quarter valued at about $41,000. Squarepoint Ops LLC increased its holdings in shares of Idera Pharmaceuticals by 45.5% in the 4th quarter. Squarepoint Ops LLC now owns 18,900 shares of the biotechnology company’s stock valued at $52,000 after acquiring an additional 5,910 shares during the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in shares of Idera Pharmaceuticals in the 4th quarter valued at about $61,000. Institutional investors and hedge funds own 43.79% of the company’s stock.
About Idera Pharmaceuticals
Idera Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of drugs for oncology in the United States. It offers Tilsotolimod, a synthetic phosphorothioate oligonucleotide that acts as a direct agonist of TLR9 to stimulate the immune systems and for treating solid tumors, metastatic melanoma, squamous cell carcinoma, and colorectal cancer.
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