Idera Pharmaceuticals (NASDAQ:IDRA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors 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. “
Other equities research analysts have also recently issued reports about the company. ValuEngine upgraded Idera Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Wednesday, January 2nd. Wedbush reissued a “positive” rating on shares of Idera Pharmaceuticals in a report on Monday, December 17th. HC Wainwright reissued a “buy” rating and issued a $18.00 price objective on shares of Idera Pharmaceuticals in a report on Monday, October 22nd. Finally, Barclays began coverage on Idera Pharmaceuticals in a report on Monday, September 24th. They issued an “overweight” rating and a $14.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $20.71.
Idera Pharmaceuticals (NASDAQ:IDRA) last released its earnings results on Tuesday, November 6th. The biotechnology company reported ($0.43) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.58) by $0.15. The company had revenue of $0.15 million for the quarter, compared to analysts’ expectations of $2.09 million. Idera Pharmaceuticals had a negative return on equity of 69.28% and a negative net margin of 8,513.18%. As a group, sell-side analysts expect that Idera Pharmaceuticals will post -2.34 earnings per share for the current year.
In related news, CEO Vincent Milano bought 15,000 shares of Idera Pharmaceuticals stock in a transaction on Monday, December 24th. The stock was acquired at an average price of $2.93 per share, with a total value of $43,950.00. Following the acquisition, the chief executive officer now directly owns 55,816 shares of the company’s stock, valued at $163,540.88. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have acquired a total of 24,300 shares of company stock valued at $73,835 in the last ninety days. Insiders own 20.48% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Marshall Wace North America L.P. purchased a new position in Idera Pharmaceuticals during the 3rd quarter valued at about $96,000. Renaissance Technologies LLC bought a new stake in shares of Idera Pharmaceuticals during the 3rd quarter valued at about $132,000. Marshall Wace LLP bought a new stake in shares of Idera Pharmaceuticals during the 3rd quarter valued at about $200,000. Rhumbline Advisers boosted its position in shares of Idera Pharmaceuticals by 20.3% during the 2nd quarter. Rhumbline Advisers now owns 145,144 shares of the biotechnology company’s stock valued at $192,000 after acquiring an additional 24,461 shares during the last quarter. Finally, California Public Employees Retirement System boosted its position in shares of Idera Pharmaceuticals by 20.9% during the 2nd quarter. California Public Employees Retirement System now owns 194,217 shares of the biotechnology company’s stock valued at $256,000 after acquiring an additional 33,617 shares during the last quarter. 43.46% of the stock is owned by institutional investors and hedge funds.
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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