Wedbush Reaffirms “Outperform” Rating for Idera Pharmaceuticals Inc. (IDRA)
A number of other research analysts have also commented on IDRA. S&P Equity Research upped their price target on Idera Pharmaceuticals from $1.86 to $2.10 in a report on Friday, October 7th. Zacks Investment Research upgraded Idera Pharmaceuticals from a hold rating to a buy rating and set a $1.75 target price for the company in a research note on Tuesday, November 1st.
Shares of Idera Pharmaceuticals (NASDAQ:IDRA) opened at 1.75 on Monday. The stock’s 50 day moving average is $1.89 and its 200-day moving average is $1.79. Idera Pharmaceuticals has a 52-week low of $1.19 and a 52-week high of $4.42. The firm’s market cap is $258.39 billion.
Idera Pharmaceuticals (NASDAQ:IDRA) last announced its earnings results on Friday, October 28th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. Idera Pharmaceuticals had a negative return on equity of 76.66% and a negative net margin of 4,621.03%. Equities analysts anticipate that Idera Pharmaceuticals will post ($0.43) earnings per share for the current fiscal year.
In other news, Director Julian Baker purchased 3,250,000 shares of the firm’s stock in a transaction that occurred on Friday, October 7th. The shares were acquired at an average price of $2.00 per share, for a total transaction of $6,500,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 29.50% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Baker BROS. Advisors LP bought a new position in Idera Pharmaceuticals during the third quarter valued at $17,956,000. JPMorgan Chase & Co. raised its position in Idera Pharmaceuticals by 5.9% in the first quarter. JPMorgan Chase & Co. now owns 3,349,700 shares of the company’s stock valued at $6,632,000 after buying an additional 187,625 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Idera Pharmaceuticals by 13.3% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 2,467,717 shares of the company’s stock valued at $6,317,000 after buying an additional 288,825 shares during the last quarter. BlackRock Fund Advisors raised its position in Idera Pharmaceuticals by 5.1% in the third quarter. BlackRock Fund Advisors now owns 2,450,736 shares of the company’s stock valued at $6,274,000 after buying an additional 118,121 shares during the last quarter. Finally, State Street Corp raised its position in Idera Pharmaceuticals by 10.7% in the second quarter. State Street Corp now owns 1,332,201 shares of the company’s stock valued at $2,041,000 after buying an additional 129,033 shares during the last quarter. 23.59% of the stock is currently owned by hedge funds and other institutional investors.
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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