Idera Pharmaceuticals Inc. (NASDAQ:IDRA) dropped 9.2% on Wednesday . The stock traded as low as $2.49 and last traded at $2.58, with a volume of 2,437,047 shares. The stock had previously closed at $2.84.

IDRA has been the subject of several recent analyst reports. Zacks Investment Research cut shares of Idera Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, August 4th. Wedbush reaffirmed an “outperform” rating and set a $6.00 price objective on shares of Idera Pharmaceuticals in a research report on Wednesday, August 24th.

The company has a 50-day moving average price of $1.98 and a 200-day moving average price of $1.76. The company’s market capitalization is $327.72 million.

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Idera Pharmaceuticals (NASDAQ:IDRA) last posted its earnings results on Tuesday, August 2nd. The company reported ($0.11) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.11). Idera Pharmaceuticals had a negative return on equity of 64.09% and a negative net margin of 6,169.32%. Equities analysts forecast that Idera Pharmaceuticals Inc. will post ($0.45) EPS for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Alliancebernstein L.P. raised its position in Idera Pharmaceuticals by 19.8% in the second quarter. Alliancebernstein L.P. now owns 66,600 shares of the company’s stock worth $102,000 after buying an additional 11,000 shares during the last quarter. Rhumbline Advisers raised its position in Idera Pharmaceuticals by 1.0% in the second quarter. Rhumbline Advisers now owns 88,364 shares of the company’s stock worth $135,000 after buying an additional 860 shares during the last quarter. Creative Planning raised its position in Idera Pharmaceuticals by 11.8% in the second quarter. Creative Planning now owns 121,300 shares of the company’s stock worth $186,000 after buying an additional 12,800 shares during the last quarter. California State Teachers Retirement System raised its position in Idera Pharmaceuticals by 1.9% in the second quarter. California State Teachers Retirement System now owns 186,693 shares of the company’s stock worth $286,000 after buying an additional 3,478 shares during the last quarter. Finally, BlackRock Investment Management LLC raised its position in Idera Pharmaceuticals by 7.3% in the second quarter. BlackRock Investment Management LLC now owns 334,389 shares of the company’s stock worth $512,000 after buying an additional 22,791 shares during the last quarter. 28.44% of the stock is owned by institutional investors and hedge funds.

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.

5 Day Chart for NASDAQ:IDRA

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