Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) Lifted to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) from a sell rating to a hold rating in a research note released on Thursday, July 6th.
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. “
IDRA has been the topic of a number of other reports. Robert W. Baird initiated coverage on Idera Pharmaceuticals in a report on Monday, April 24th. They issued an outperform rating and a $5.00 price objective on the stock. Wedbush reiterated an outperform rating and issued a $6.00 target price on shares of Idera Pharmaceuticals in a research note on Friday, March 17th. ValuEngine lowered Idera Pharmaceuticals from a hold rating to a sell rating in a research note on Friday, June 2nd. Finally, JMP Securities assumed coverage on Idera Pharmaceuticals in a research note on Wednesday, March 22nd. They set an outperform rating and a $8.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has an average rating of Buy and an average target price of $4.57.
Shares of Idera Pharmaceuticals (IDRA) traded down 1.08% during mid-day trading on Thursday, reaching $1.84. 352,435 shares of the company traded hands. The firm’s market capitalization is $274.43 million. Idera Pharmaceuticals has a 52 week low of $1.30 and a 52 week high of $3.33. The firm has a 50-day moving average price of $1.70 and a 200 day moving average price of $1.82.
Idera Pharmaceuticals (NASDAQ:IDRA) last released its quarterly earnings data on Thursday, May 4th. The biotechnology company reported ($0.10) EPS for the quarter, hitting analysts’ consensus estimates of ($0.10). The company had revenue of $0.38 million for the quarter, compared to the consensus estimate of $0.20 million. Idera Pharmaceuticals had a negative return on equity of 53.37% and a negative net margin of 249.48%. On average, analysts anticipate that Idera Pharmaceuticals will post ($0.44) earnings per share for the current year.
In related news, Director Invest Corp Pillar sold 437,829 shares of Idera Pharmaceuticals stock in a transaction on Monday, April 24th. The stock was sold at an average price of $2.29, for a total value of $1,002,628.41. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders have sold 2,217,066 shares of company stock worth $5,063,557. 30.29% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the company. State Street Corp increased its position in shares of Idera Pharmaceuticals by 11.7% in the fourth quarter. State Street Corp now owns 1,553,323 shares of the biotechnology company’s stock worth $2,330,000 after buying an additional 162,173 shares in the last quarter. FMR LLC boosted its stake in shares of Idera Pharmaceuticals by 10,453.4% in the fourth quarter. FMR LLC now owns 2,511,700 shares of the biotechnology company’s stock worth $3,768,000 after buying an additional 2,487,900 shares in the last quarter. Norges Bank bought a new stake in shares of Idera Pharmaceuticals during the fourth quarter worth $450,000. Teachers Advisors LLC boosted its stake in shares of Idera Pharmaceuticals by 10.1% in the fourth quarter. Teachers Advisors LLC now owns 154,886 shares of the biotechnology company’s stock worth $232,000 after buying an additional 14,205 shares in the last quarter. Finally, Nationwide Fund Advisors boosted its stake in shares of Idera Pharmaceuticals by 7.3% in the first quarter. Nationwide Fund Advisors now owns 62,392 shares of the biotechnology company’s stock worth $154,000 after buying an additional 4,235 shares in the last quarter. Institutional investors and hedge funds own 31.42% 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Stock Ratings for Idera Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Idera Pharmaceuticals Inc. and related stocks with our FREE daily email newsletter.