Idera Pharmaceuticals Inc. (IDRA) Stock Rating Reaffirmed by Cowen and Company
Idera Pharmaceuticals Inc. (NASDAQ:IDRA)‘s stock had its “outperform” rating reissued by equities researchers at Cowen and Company in a research report issued to clients and investors on Tuesday.
A number of other equities analysts have also recently commented on IDRA. Wedbush reiterated an “outperform” rating and issued a $6.00 target price on shares of Idera Pharmaceuticals in a research report on Monday. Zacks Investment Research upgraded shares of Idera Pharmaceuticals from a “hold” rating to a “buy” rating and set a $1.75 target price on the stock in a research report on Tuesday, November 1st. Finally, S&P Equity Research lifted their target price on shares of Idera Pharmaceuticals from $1.86 to $2.10 in a research report on Friday, October 7th.
Idera Pharmaceuticals (NASDAQ:IDRA) traded down 0.56% during trading on Tuesday, hitting $1.79. 525,572 shares of the stock were exchanged. The stock’s market cap is $264.30 million. The stock has a 50 day moving average of $1.76 and a 200-day moving average of $1.81. Idera Pharmaceuticals has a 52 week low of $1.19 and a 52 week high of $4.42.
Idera Pharmaceuticals (NASDAQ:IDRA) last posted its quarterly earnings data on Friday, October 28th. The company reported ($0.10) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.01. Idera Pharmaceuticals had a negative net margin of 4,621.03% and a negative return on equity of 76.66%. Equities analysts expect that Idera Pharmaceuticals will post ($0.43) EPS for the current fiscal year.
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In other news, Director Julian Baker acquired 3,250,000 shares of the firm’s stock in a transaction on Friday, October 7th. The shares were purchased at an average price of $2.00 per share, for a total transaction of $6,500,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 29.50% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Emerald Acquisition Ltd. purchased a new position in Idera Pharmaceuticals during the third quarter worth about $100,000. Highbridge Capital Management LLC purchased a new position in Idera Pharmaceuticals during the third quarter worth about $109,000. Wells Fargo & Company MN boosted its position in Idera Pharmaceuticals by 120.6% in the third quarter. Wells Fargo & Company MN now owns 46,810 shares of the company’s stock worth $120,000 after buying an additional 25,589 shares during the last quarter. BlackRock Advisors LLC boosted its position in Idera Pharmaceuticals by 16.2% in the third quarter. BlackRock Advisors LLC now owns 47,166 shares of the company’s stock worth $121,000 after buying an additional 6,564 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in Idera Pharmaceuticals during the third quarter worth about $131,000. Hedge funds and other institutional investors own 23.40% of the company’s stock.
Idera Pharmaceuticals Company Profile
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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