Idera Pharmaceuticals Inc (NASDAQ:IDRA) dropped 2.3% during mid-day trading on Tuesday . The stock traded as low as $1.27 and last traded at $1.33. Approximately 31,227 shares changed hands during trading, a decline of 99% from the average daily volume of 2,236,624 shares. The stock had previously closed at $1.30.
IDRA has been the topic of several recent research reports. ValuEngine upgraded Idera Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Thursday, March 22nd. Robert W. Baird dropped their target price on Idera Pharmaceuticals from $5.00 to $4.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 13th. BidaskClub upgraded Idera Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, May 17th. Zacks Investment Research upgraded Idera Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, June 23rd. Finally, JMP Securities lowered their price objective on Idera Pharmaceuticals from $8.00 to $4.00 and set a “positive” rating on the stock in a research report on Wednesday, June 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Idera Pharmaceuticals currently has a consensus rating of “Hold” and a consensus price target of $3.60.
The stock has a market capitalization of $278.16 million, a PE ratio of -2.95 and a beta of 2.41.
Idera Pharmaceuticals (NASDAQ:IDRA) last issued its quarterly earnings data on Wednesday, May 9th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.01). Idera Pharmaceuticals had a negative return on equity of 82.70% and a negative net margin of 9,117.07%. The business had revenue of $0.26 million during the quarter, compared to analysts’ expectations of $0.17 million. sell-side analysts expect that Idera Pharmaceuticals Inc will post -0.39 earnings per share for the current year.
Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Idera Pharmaceuticals by 38.1% in the fourth quarter. BlackRock Inc. now owns 9,005,243 shares of the biotechnology company’s stock worth $19,000,000 after buying an additional 2,486,098 shares in the last quarter. Millennium Management LLC raised its position in shares of Idera Pharmaceuticals by 25.8% in the first quarter. Millennium Management LLC now owns 4,848,557 shares of the biotechnology company’s stock worth $8,921,000 after buying an additional 994,232 shares in the last quarter. Artal Group S.A. purchased a new stake in shares of Idera Pharmaceuticals in the first quarter worth $5,060,000. Bain Capital Public Equity Management LLC bought a new position in Idera Pharmaceuticals in the fourth quarter valued at $4,816,000. Finally, Geode Capital Management LLC increased its stake in Idera Pharmaceuticals by 27.8% in the fourth quarter. Geode Capital Management LLC now owns 1,276,263 shares of the biotechnology company’s stock valued at $2,692,000 after acquiring an additional 277,566 shares during the last quarter. Institutional investors own 42.47% of the company’s stock.
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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