Idera Pharmaceuticals (IDRA) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Idera Pharmaceuticals (NASDAQ:IDRA) from a hold rating to a buy rating in a research report released on Thursday morning, Zacks.com reports. The brokerage 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. “

IDRA has been the subject of a number of other reports. Wedbush set a $7.00 target price on Idera Pharmaceuticals and gave the company an outperform rating in a research report on Thursday, March 7th. ValuEngine downgraded Idera Pharmaceuticals from a hold rating to a sell rating in a research report on Wednesday, May 1st. Finally, HC Wainwright cut their target price on Idera Pharmaceuticals to $14.00 and set a buy rating for the company in a research report on Friday, March 8th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $16.75.

Shares of NASDAQ IDRA opened at $2.53 on Thursday. Idera Pharmaceuticals has a one year low of $2.25 and a one year high of $17.12. The firm has a market capitalization of $70.90 million, a price-to-earnings ratio of -1.11 and a beta of 2.59.

Idera Pharmaceuticals (NASDAQ:IDRA) last issued its quarterly earnings data on Thursday, May 2nd. The biotechnology company reported ($0.40) EPS for the quarter, beating analysts’ consensus estimates 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%. Equities research analysts predict that Idera Pharmaceuticals will post -1.64 earnings per share for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Virtu Financial LLC bought a new stake in Idera Pharmaceuticals during the fourth quarter worth $33,000. Jane Street Group LLC purchased a new stake in Idera Pharmaceuticals in the fourth quarter worth $39,000. SG Americas Securities LLC purchased a new stake in Idera Pharmaceuticals in the fourth quarter worth $41,000. Squarepoint Ops LLC increased its position in Idera Pharmaceuticals by 45.5% in the fourth quarter. Squarepoint Ops LLC now owns 18,900 shares of the biotechnology company’s stock worth $52,000 after buying an additional 5,910 shares during the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in Idera Pharmaceuticals in the fourth quarter worth $61,000. 43.79% of the stock is owned by institutional investors and hedge funds.

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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