Idera Pharmaceuticals (NASDAQ:IDRA) Raised to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Idera Pharmaceuticals (NASDAQ:IDRA) from a hold rating to a buy rating in a report issued on Friday morning, Zacks.com reports. The firm currently has $3.25 target price on the biotechnology company’s stock.

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. “

Other equities research analysts also recently issued reports about the company. HC Wainwright reduced their price target on Idera Pharmaceuticals to $14.00 and set a buy rating on the stock in a report on Friday, March 8th. Wedbush set a $7.00 price objective on Idera Pharmaceuticals and gave the stock an outperform rating in a research note on Thursday, March 7th. Finally, ValuEngine cut Idera Pharmaceuticals from a hold rating to a sell rating in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $10.65.

Shares of NASDAQ IDRA opened at $2.75 on Friday. Idera Pharmaceuticals has a fifty-two week low of $2.25 and a fifty-two week high of $12.00. The company has a market capitalization of $77.06 million, a PE ratio of -1.21 and a beta of 2.55.

Idera Pharmaceuticals (NASDAQ:IDRA) last issued its quarterly earnings results on Thursday, May 2nd. The biotechnology company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.46) by $0.06. Idera Pharmaceuticals had a negative return on equity of 73.66% and a negative net margin of 9,045.47%. As a group, research analysts anticipate that Idera Pharmaceuticals will post -1.64 EPS for the current year.

A number of large investors have recently made changes to their positions in IDRA. Zacks Investment Management bought a new position in Idera Pharmaceuticals in the fourth quarter worth approximately $468,000. Millennium Management LLC grew its stake in Idera Pharmaceuticals by 36.1% in the fourth quarter. Millennium Management LLC now owns 602,639 shares of the biotechnology company’s stock worth $1,669,000 after purchasing an additional 159,916 shares in the last quarter. Two Sigma Investments LP boosted its position in Idera Pharmaceuticals by 758.4% during the 4th quarter. Two Sigma Investments LP now owns 124,606 shares of the biotechnology company’s stock valued at $345,000 after acquiring an additional 110,090 shares in the last quarter. Candriam Luxembourg S.C.A. boosted its position in Idera Pharmaceuticals by 48.7% during the 4th quarter. Candriam Luxembourg S.C.A. now owns 290,000 shares of the biotechnology company’s stock valued at $803,000 after acquiring an additional 95,000 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in Idera Pharmaceuticals by 120.4% during the 1st quarter. Rhumbline Advisers now owns 92,087 shares of the biotechnology company’s stock valued at $235,000 after acquiring an additional 50,300 shares in the last quarter. 43.79% of the stock is currently owned by institutional investors.

About Idera Pharmaceuticals

Idera Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of drugs for oncology in the United States. It offers Tilsotolimod, a synthetic phosphorothioate oligonucleotide that acts as a direct agonist of TLR9 to stimulate the immune systems and for treating solid tumors, metastatic melanoma, squamous cell carcinoma, and colorectal cancer.

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