Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) was up 7.8% on Thursday . The stock traded as high as $1.80 and last traded at $1.79. Approximately 1,137,169 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 1,776,227 shares. The stock had previously closed at $1.66.
Several equities research analysts recently weighed in on IDRA shares. ValuEngine upgraded shares of Idera Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Thursday, March 22nd. Zacks Investment Research cut shares of Idera Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, January 17th. BidaskClub cut shares of Idera Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. Finally, HC Wainwright set a $4.00 target price on shares of Idera Pharmaceuticals and gave the company a “buy” rating in a research note on Friday, March 9th. Two analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $3.75.
The company has a market cap of $362.89, a price-to-earnings ratio of -4.26 and a beta of 2.35.
Idera Pharmaceuticals (NASDAQ:IDRA) last released its earnings results on Wednesday, March 7th. The biotechnology company reported ($0.08) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.08). Idera Pharmaceuticals had a negative net margin of 7,315.30% and a negative return on equity of 78.83%. The business had revenue of $0.17 million during the quarter, compared to analysts’ expectations of $0.30 million. analysts anticipate that Idera Pharmaceuticals, Inc. will post -0.37 earnings per share for the current year.
In related news, major shareholder Invest Corp Pillar sold 200,000 shares of the stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $2.40, for a total value of $480,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.42% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in IDRA. MetLife Investment Advisors LLC bought a new position in Idera Pharmaceuticals during the fourth quarter worth about $155,000. The Manufacturers Life Insurance Company lifted its stake in Idera Pharmaceuticals by 7.1% during the second quarter. The Manufacturers Life Insurance Company now owns 94,976 shares of the biotechnology company’s stock worth $164,000 after purchasing an additional 6,316 shares during the period. Acadian Asset Management LLC bought a new position in Idera Pharmaceuticals during the fourth quarter worth about $177,000. Ardsley Advisory Partners bought a new position in Idera Pharmaceuticals during the fourth quarter worth about $211,000. Finally, Wells Fargo & Company MN lifted its stake in Idera Pharmaceuticals by 55.7% during the third quarter. Wells Fargo & Company MN now owns 142,423 shares of the biotechnology company’s stock worth $318,000 after purchasing an additional 50,944 shares during the period. Hedge funds and other institutional investors own 33.11% of the company’s stock.
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About Idera Pharmaceuticals
Idera Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of oligonucleotide therapeutics for oncology and rare diseases in the United States. The company uses two drug discovery technology platforms to design and develop drug candidates, including toll-like receptor targeting technology and nucleic acid chemistry technology.
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