Idera Pharmaceuticals (IDRA) Upgraded to Strong-Buy by Zacks Investment Research

Idera Pharmaceuticals (NASDAQ:IDRA) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Saturday. The firm presently has a $10.00 price target on the biotechnology company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 19.19% from the company’s current price.

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 have also issued research reports about the stock. HC Wainwright restated a “buy” rating and issued a $18.00 target price on shares of Idera Pharmaceuticals in a report on Monday, October 22nd. Wedbush lowered their target price on shares of Idera Pharmaceuticals from $40.00 to $24.00 and set an “outperform” rating on the stock in a report on Monday, July 16th. JPMorgan Chase & Co. initiated coverage on shares of Idera Pharmaceuticals in a report on Wednesday, August 15th. They issued an “overweight” rating and a $15.00 target price on the stock. Barclays initiated coverage on shares of Idera Pharmaceuticals in a report on Monday, September 24th. They issued an “overweight” rating and a $14.00 target price on the stock. Finally, ValuEngine lowered shares of Idera Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, September 4th. Two analysts have rated the stock with a sell rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $20.71.

IDRA opened at $8.39 on Friday. Idera Pharmaceuticals has a fifty-two week low of $5.20 and a fifty-two week high of $20.40. The stock has a market capitalization of $195.92 million, a P/E ratio of -2.50 and a beta of 2.66.

Idera Pharmaceuticals (NASDAQ:IDRA) last posted its earnings results on Tuesday, November 6th. The biotechnology company reported ($0.43) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.58) by $0.15. Idera Pharmaceuticals had a negative net margin of 8,513.18% and a negative return on equity of 65.30%. The company had revenue of $0.15 million for the quarter, compared to analyst estimates of $2.09 million. Analysts expect that Idera Pharmaceuticals will post -2.58 earnings per share for the current fiscal year.

Large investors have recently bought and sold shares of the business. Candriam Luxembourg S.C.A. purchased a new position in Idera Pharmaceuticals in the third quarter valued at about $1,737,000. Northern Trust Corp grew its stake in Idera Pharmaceuticals by 7.8% in the second quarter. Northern Trust Corp now owns 1,775,754 shares of the biotechnology company’s stock valued at $2,344,000 after purchasing an additional 128,334 shares in the last quarter. California Public Employees Retirement System grew its stake in Idera Pharmaceuticals by 20.9% in the second quarter. California Public Employees Retirement System now owns 194,217 shares of the biotechnology company’s stock valued at $256,000 after purchasing an additional 33,617 shares in the last quarter. BlackRock Inc. grew its stake in Idera Pharmaceuticals by 11.7% in the second quarter. BlackRock Inc. now owns 10,043,638 shares of the biotechnology company’s stock valued at $13,257,000 after purchasing an additional 1,048,482 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new position in Idera Pharmaceuticals in the second quarter valued at about $179,000.

Idera Pharmaceuticals Company Profile

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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