Equities researchers at HC Wainwright began coverage on shares of Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) in a research note issued on Thursday. The firm set a “buy” rating and a $4.00 price target on the biotechnology company’s stock. HC Wainwright’s price target would indicate a potential upside of 89.57% from the stock’s previous close.
Several other equities research analysts also recently commented on the company. Zacks Investment Research upgraded Idera Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, October 11th. Piper Jaffray Companies restated a “buy” rating and set a $4.00 price objective on shares of Idera Pharmaceuticals in a report on Tuesday, September 12th. BidaskClub downgraded Idera Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Friday, August 4th. Finally, ValuEngine downgraded Idera Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating and seven have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $4.83.
Idera Pharmaceuticals (IDRA) traded up $0.09 during midday trading on Thursday, hitting $2.11. The stock had a trading volume of 3,794,700 shares, compared to its average volume of 1,456,480. Idera Pharmaceuticals has a 52-week low of $1.30 and a 52-week high of $2.87.
Idera Pharmaceuticals (NASDAQ:IDRA) last released its quarterly earnings data on Monday, November 6th. The biotechnology company reported ($0.10) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.12) by $0.02. The firm had revenue of $0.16 million during the quarter, compared to the consensus estimate of $0.20 million. Idera Pharmaceuticals had a negative return on equity of 60.80% and a negative net margin of 313.78%. sell-side analysts expect that Idera Pharmaceuticals will post -0.47 EPS for the current year.
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In related news, Director Bros. Advisors Lp Baker purchased 8,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 26th. The stock was acquired at an average price of $1.50 per share, for a total transaction of $12,000,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 30.29% of the company’s stock.
A number of large investors have recently made changes to their positions in IDRA. JPMorgan Chase & Co. grew its stake in Idera Pharmaceuticals by 45.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,359,875 shares of the biotechnology company’s stock valued at $7,526,000 after purchasing an additional 1,048,475 shares during the period. FMR LLC grew its stake in Idera Pharmaceuticals by 25.6% in the 1st quarter. FMR LLC now owns 3,154,462 shares of the biotechnology company’s stock valued at $7,792,000 after purchasing an additional 642,762 shares during the period. State Street Corp grew its stake in Idera Pharmaceuticals by 13.0% in the 2nd quarter. State Street Corp now owns 1,787,852 shares of the biotechnology company’s stock valued at $3,075,000 after purchasing an additional 205,217 shares during the period. Vanguard Group Inc. grew its stake in Idera Pharmaceuticals by 3.5% in the 2nd quarter. Vanguard Group Inc. now owns 5,181,108 shares of the biotechnology company’s stock valued at $8,911,000 after purchasing an additional 173,775 shares during the period. Finally, GSA Capital Partners LLP grew its stake in Idera Pharmaceuticals by 846.1% in the 2nd quarter. GSA Capital Partners LLP now owns 180,588 shares of the biotechnology company’s stock valued at $311,000 after purchasing an additional 161,500 shares during the period. Hedge funds and other institutional investors own 25.28% 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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