Idera Pharmaceuticals (NASDAQ: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 report published on Friday morning, Zacks.com reports. Zacks Investment Research 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. “

A number of other equities research analysts have also recently commented on IDRA. 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. HC Wainwright lowered their price objective on Idera Pharmaceuticals to $14.00 and set a buy rating on the stock in a report on Friday, March 8th. Finally, ValuEngine cut Idera Pharmaceuticals from a hold rating to a sell rating in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $10.65.

NASDAQ:IDRA opened at $2.75 on Friday. Idera Pharmaceuticals has a 52 week low of $2.25 and a 52 week high of $12.00. The stock has a market cap of $77.06 million, a PE ratio of -1.21 and a beta of 2.55.

Idera Pharmaceuticals (NASDAQ:IDRA) last posted its earnings results on Thursday, May 2nd. The biotechnology company reported ($0.40) EPS for the quarter, beating the Zacks’ consensus estimate 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%. Analysts predict that Idera Pharmaceuticals will post -1.64 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers boosted its holdings in shares of Idera Pharmaceuticals by 120.4% in the 1st quarter. Rhumbline Advisers now owns 92,087 shares of the biotechnology company’s stock valued at $235,000 after purchasing an additional 50,300 shares during the last quarter. Deutsche Bank AG raised its stake in shares of Idera Pharmaceuticals by 45.3% in the 4th quarter. Deutsche Bank AG now owns 55,548 shares of the biotechnology company’s stock valued at $153,000 after acquiring an additional 17,306 shares during the period. Millennium Management LLC raised its stake in shares of Idera Pharmaceuticals by 36.1% in the 4th quarter. Millennium Management LLC now owns 602,639 shares of the biotechnology company’s stock valued at $1,669,000 after acquiring an additional 159,916 shares during the period. Jane Street Group LLC purchased a new position in shares of Idera Pharmaceuticals in the 4th quarter valued at $39,000. Finally, Candriam Luxembourg S.C.A. raised its stake in shares of Idera Pharmaceuticals by 48.7% in the 4th quarter. Candriam Luxembourg S.C.A. now owns 290,000 shares of the biotechnology company’s stock valued at $803,000 after acquiring an additional 95,000 shares during the period. Institutional investors own 43.79% of the company’s stock.

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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