Idera Pharmaceuticals Inc. (IDRA) Rating Reiterated by Wedbush
Idera Pharmaceuticals Inc. (NASDAQ:IDRA)‘s stock had its “outperform” rating restated by investment analysts at Wedbush in a report released on Monday. They currently have a $6.00 target price on the stock. Wedbush’s price objective would suggest a potential upside of 235.20% from the stock’s current price.
Several other research firms also recently weighed in on IDRA. S&P Equity Research upped their price target on Idera Pharmaceuticals from $1.86 to $2.10 in a research note on Friday, October 7th. Zacks Investment Research downgraded Idera Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, August 4th.
Shares of Idera Pharmaceuticals (NASDAQ:IDRA) opened at 1.79 on Monday. The company’s market capitalization is $264.30 million. The company’s 50 day moving average price is $1.76 and its 200-day moving average price is $1.81. Idera Pharmaceuticals has a 1-year low of $1.19 and a 1-year high of $4.42.
Idera Pharmaceuticals (NASDAQ:IDRA) last posted its quarterly earnings results on Friday, October 28th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate 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%. On average, equities analysts forecast that Idera Pharmaceuticals will post ($0.43) earnings per share for the current year.
In other Idera Pharmaceuticals news, Director Julian Baker bought 3,250,000 shares of the business’s stock in a transaction on Friday, October 7th. The shares were acquired at an average cost of $2.00 per share, for a total transaction of $6,500,000.00. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 29.50% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Emerald Acquisition Ltd. purchased a new position in Idera Pharmaceuticals during the third quarter worth about $100,000. Alliancebernstein L.P. increased its position in 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. Highbridge Capital Management LLC purchased a new position in Idera Pharmaceuticals during the third quarter worth about $109,000. Wells Fargo & Company MN increased 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 period. Finally, BlackRock Advisors LLC increased 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 period. Institutional investors and hedge funds own 23.40% of the company’s stock.
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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