Idera Pharmaceuticals Inc. (IDRA) Sees Unusually-High Trading Volume After Analyst Upgrade
Idera Pharmaceuticals Inc. (NASDAQ:IDRA) saw an uptick in trading volume on Friday after S&P Equity Research raised their price target on the stock from $1.86 to $2.10. 14,989,715 shares changed hands during mid-day trading, an increase of 490% from the previous session’s volume of 2,540,844 shares.The stock last traded at $2.00 and had previously closed at $2.18.
IDRA has been the subject of several other reports. Zacks Investment Research cut Idera Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, August 4th. Wedbush restated an “outperform” rating and issued a $6.00 target price on shares of Idera Pharmaceuticals in a report on Tuesday, August 2nd.
Institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers boosted its position in shares of Idera Pharmaceuticals by 1.0% in the second quarter. Rhumbline Advisers now owns 88,364 shares of the company’s stock worth $135,000 after buying an additional 860 shares during the period. California State Teachers Retirement System boosted its position in shares of Idera Pharmaceuticals by 1.9% in the second quarter. California State Teachers Retirement System now owns 186,693 shares of the company’s stock worth $286,000 after buying an additional 3,478 shares during the period. Geode Capital Management LLC boosted its position in shares of Idera Pharmaceuticals by 0.6% in the first quarter. Geode Capital Management LLC now owns 680,280 shares of the company’s stock worth $1,346,000 after buying an additional 4,263 shares during the period. Alliancebernstein L.P. boosted its position in shares of Idera Pharmaceuticals by 19.8% in the second quarter. Alliancebernstein L.P. now owns 66,600 shares of the company’s stock worth $102,000 after buying an additional 11,000 shares during the period. Finally, Creative Planning boosted its position in shares of Idera Pharmaceuticals by 11.8% in the second quarter. Creative Planning now owns 121,300 shares of the company’s stock worth $186,000 after buying an additional 12,800 shares during the period. Institutional investors own 28.44% of the company’s stock.
The company’s 50-day moving average price is $2.20 and its 200 day moving average price is $1.82. The stock’s market capitalization is $242.76 million.
Idera Pharmaceuticals (NASDAQ:IDRA) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.11). Idera Pharmaceuticals had a negative return on equity of 64.09% and a negative net margin of 6,169.32%. On average, equities analysts anticipate that Idera Pharmaceuticals Inc. will post ($0.45) earnings per share for the current fiscal year.
About Idera Pharmaceuticals
Idera Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapeutics for oncology and rare diseases. The Company utilizes two drug discovery technology platforms to design and develop drug candidates, which include Toll-like receptor (TLR) targeting technology and third-generation antisense (3GA) technology.
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