Idera Pharmaceuticals, Inc. (IDRA) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) from a sell rating to a hold rating in a report released on Wednesday.

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 research firms have also recently issued reports on IDRA. Piper Jaffray Companies reissued a buy rating and issued a $4.00 target price on shares of Idera Pharmaceuticals in a research note on Tuesday, September 12th. ValuEngine raised Idera Pharmaceuticals from a sell rating to a hold rating in a research note on Thursday, July 13th. Finally, BidaskClub cut Idera Pharmaceuticals from a hold rating to a sell rating in a research note on Friday, August 4th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $5.75.

Shares of Idera Pharmaceuticals (IDRA) traded down 4.33% on Wednesday, hitting $2.65. The stock had a trading volume of 1,807,136 shares. The firm’s market capitalization is $396.52 million. The firm has a 50 day moving average of $2.15 and a 200-day moving average of $1.98. Idera Pharmaceuticals has a 1-year low of $1.30 and a 1-year high of $2.87.

Idera Pharmaceuticals (NASDAQ:IDRA) last posted its earnings results on Monday, August 7th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.03). The business had revenue of $0.19 million during the quarter, compared to the consensus estimate of $0.20 million. Idera Pharmaceuticals had a negative return on equity of 61.09% and a negative net margin of 300.63%. Equities analysts predict that Idera Pharmaceuticals will post ($0.48) earnings per share for the current year.

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A number of institutional investors and hedge funds have recently modified their holdings of the business. Rhumbline Advisers lifted its holdings in Idera Pharmaceuticals by 0.3% in the second quarter. Rhumbline Advisers now owns 118,456 shares of the biotechnology company’s stock worth $204,000 after buying an additional 312 shares during the period. Bank of New York Mellon Corp lifted its holdings in Idera Pharmaceuticals by 0.7% in the second quarter. Bank of New York Mellon Corp now owns 343,761 shares of the biotechnology company’s stock worth $591,000 after buying an additional 2,368 shares during the period. Wedbush Securities Inc. lifted its holdings in Idera Pharmaceuticals by 3.0% in the second quarter. Wedbush Securities Inc. now owns 93,428 shares of the biotechnology company’s stock worth $161,000 after buying an additional 2,700 shares during the period. American International Group Inc. lifted its holdings in Idera Pharmaceuticals by 8.2% in the first quarter. American International Group Inc. now owns 55,412 shares of the biotechnology company’s stock worth $137,000 after buying an additional 4,214 shares during the period. Finally, Nationwide Fund Advisors lifted its holdings in Idera Pharmaceuticals by 7.3% in the first quarter. Nationwide Fund Advisors now owns 62,392 shares of the biotechnology company’s stock worth $154,000 after buying an additional 4,235 shares during the period. Institutional investors and hedge funds own 30.94% of the company’s stock.

Idera Pharmaceuticals Company Profile

Idera Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapeutics for oncology and rare diseases. The Company utilizes two drug discovery technology platforms to design and develop drug candidates, which include Toll-like receptor (TLR) targeting technology and third-generation antisense (3GA) technology.

Analyst Recommendations for Idera Pharmaceuticals (NASDAQ:IDRA)

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