Idera Pharmaceuticals, Inc. (IDRA) Shares Gap Up on Better-Than-Expected Earnings
Idera Pharmaceuticals, Inc. (NASDAQ:IDRA)’s share price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $1.85, but opened at $1.87. Idera Pharmaceuticals shares last traded at $1.87, with a volume of 3435996 shares traded.
The biotechnology company reported ($0.10) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.02. Idera Pharmaceuticals had a negative return on equity of 56.15% and a negative net margin of 313.78%. The business had revenue of $0.16 million for the quarter, compared to analysts’ expectations of $0.20 million.
Several research analysts have weighed in on the company. Zacks Investment Research raised Idera Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, October 11th. Piper Jaffray Companies reissued a “buy” rating and issued a $4.00 price objective on shares of Idera Pharmaceuticals in a research report on Tuesday, September 12th. ValuEngine raised Idera Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th. Finally, BidaskClub cut Idera Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Friday, August 4th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $5.75.
In other news, Director Bros. Advisors Lp Baker purchased 8,000,000 shares of the company’s stock in a transaction dated Thursday, October 26th. The shares were purchased at an average price of $1.50 per share, with a total value of $12,000,000.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 30.29% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Tudor Investment Corp ET AL lifted its position in shares of Idera Pharmaceuticals by 48.8% during the 1st quarter. Tudor Investment Corp ET AL now owns 41,360 shares of the biotechnology company’s stock valued at $102,000 after buying an additional 13,572 shares during the last quarter. State of Wisconsin Investment Board bought a new stake in shares of Idera Pharmaceuticals during the 2nd quarter valued at $136,000. American International Group Inc. raised its stake in shares of Idera Pharmaceuticals by 8.2% during the 1st quarter. American International Group Inc. now owns 55,412 shares of the biotechnology company’s stock valued at $137,000 after purchasing an additional 4,214 shares during the period. Nationwide Fund Advisors raised its stake in shares of Idera Pharmaceuticals by 7.3% during the 1st quarter. Nationwide Fund Advisors now owns 62,392 shares of the biotechnology company’s stock valued at $154,000 after purchasing an additional 4,235 shares during the period. Finally, Alliancebernstein L.P. raised its stake in shares of Idera Pharmaceuticals by 16.3% during the 2nd quarter. Alliancebernstein L.P. now owns 89,900 shares of the biotechnology company’s stock valued at $155,000 after purchasing an additional 12,600 shares during the period. 25.28% of the stock is currently owned by hedge funds and other institutional investors.
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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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