Idera Pharmaceuticals (NASDAQ:IDRA) Upgraded to “Buy” by 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 sent to investors on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $2.50 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. “

Several other equities analysts also recently issued reports on IDRA. Wedbush reaffirmed an outperform rating on shares of Idera Pharmaceuticals in a research note on Friday, May 3rd. ValuEngine raised shares of Idera Pharmaceuticals from a sell rating to a hold rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Idera Pharmaceuticals presently has a consensus rating of Buy and a consensus target price of $9.38.

Shares of Idera Pharmaceuticals stock opened at $2.13 on Wednesday. Idera Pharmaceuticals has a fifty-two week low of $2.08 and a fifty-two week high of $10.95. The firm has a market capitalization of $61.43 million, a P/E ratio of -0.93 and a beta of 2.45. The company’s 50 day moving average price is $2.53 and its two-hundred day moving average price is $2.69.

Idera Pharmaceuticals (NASDAQ:IDRA) last released its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($0.39) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.03. The firm had revenue of $1.45 million during the quarter, compared to the consensus estimate of $0.10 million. Idera Pharmaceuticals had a negative net margin of 9,045.47% and a negative return on equity of 76.99%. Research analysts expect that Idera Pharmaceuticals will post -1.64 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the company. Morgan Stanley raised its stake in shares of Idera Pharmaceuticals by 127.5% during the second quarter. Morgan Stanley now owns 11,460 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 6,422 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Idera Pharmaceuticals during the fourth quarter valued at $39,000. Parametric Portfolio Associates LLC bought a new position in shares of Idera Pharmaceuticals during the second quarter valued at $44,000. Squarepoint Ops LLC raised its stake in Idera Pharmaceuticals by 45.5% during 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 bought a new position in Idera Pharmaceuticals during the fourth quarter worth $61,000. 42.91% of the stock is owned by hedge funds and other institutional investors.

Idera Pharmaceuticals Company Profile

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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