Idera Pharmaceuticals, Inc. (IDRA) Coverage Initiated by Analysts at HC Wainwright

HC Wainwright began coverage on shares of Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) in a research report sent to investors on Thursday morning, MarketBeat reports. The firm issued a buy rating and a $4.00 target price on the biotechnology company’s stock.

A number of other research analysts have also issued reports on the company. Zacks Investment Research upgraded Idera Pharmaceuticals from a sell rating to a hold rating in a research report on Wednesday, October 11th. Piper Jaffray Companies restated a buy rating and issued a $4.00 price objective on shares of Idera Pharmaceuticals in a report on Tuesday, September 12th. BidaskClub lowered Idera Pharmaceuticals from a hold rating to a sell rating in a report on Friday, August 4th. Finally, ValuEngine lowered Idera Pharmaceuticals from a hold rating to a sell rating in a report on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating and seven have given a buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $4.83.

Shares of Idera Pharmaceuticals (NASDAQ IDRA) traded up $0.09 during trading hours on Thursday, hitting $2.11. The stock had a trading volume of 3,794,700 shares, compared to its average volume of 1,456,480. Idera Pharmaceuticals has a 52-week low of $1.30 and a 52-week high of $2.87.

Idera Pharmaceuticals (NASDAQ:IDRA) last announced its earnings results on Monday, November 6th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. Idera Pharmaceuticals had a negative return on equity of 60.80% and a negative net margin of 313.78%. The firm had revenue of $0.16 million for the quarter, compared to analyst estimates of $0.20 million. analysts expect that Idera Pharmaceuticals will post -0.43 earnings per share for the current fiscal year.

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In other news, Director Bros. Advisors Lp Baker acquired 8,000,000 shares of the firm’s stock in a transaction on Thursday, October 26th. The shares were bought at an average price of $1.50 per share, for a total transaction of $12,000,000.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 30.29% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of IDRA. Tudor Investment Corp ET AL raised its holdings in shares of Idera Pharmaceuticals by 48.8% during the 1st quarter. Tudor Investment Corp ET AL now owns 41,360 shares of the biotechnology company’s stock worth $102,000 after acquiring an additional 13,572 shares during the period. State of Wisconsin Investment Board purchased a new position in shares of Idera Pharmaceuticals during the 2nd quarter worth $136,000. American International Group Inc. raised its holdings in shares of Idera Pharmaceuticals by 8.2% during the 1st quarter. American International Group Inc. now owns 55,412 shares of the biotechnology company’s stock worth $137,000 after acquiring an additional 4,214 shares during the period. Nationwide Fund Advisors raised its holdings in shares of Idera Pharmaceuticals by 7.3% during the 1st quarter. Nationwide Fund Advisors now owns 62,392 shares of the biotechnology company’s stock worth $154,000 after acquiring an additional 4,235 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in shares of Idera Pharmaceuticals by 16.3% during the 2nd quarter. Alliancebernstein L.P. now owns 89,900 shares of the biotechnology company’s stock worth $155,000 after acquiring an additional 12,600 shares during the period. Institutional investors and hedge funds own 23.73% of the company’s stock.

About Idera Pharmaceuticals

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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